Fortum boosts RAS net profit 37% in 2014 to 6.1 bln rubles
MOSCOW. March 6 (Interfax) - OJSC Fortum , controlled by Finnish energy concern Fortum, boosted net profit 37% year-on-year in 2014 to 6.14 billion rubles, the company said in a report.
Revenue advanced to 50.7 billion rubles from 44.2 billion rubles in 2013. Cost of sales rose 8% to 41.6 billion rubles.
Operating profit grew 60% to 9.1 billion rubles.
Long-term loans grew to 48.9 billion rubles from 37.9 billion rubles during 2014. Short-term loans were 2 billion rubles at end-2013 but fell to virtually zero by the end of 2014.
Fortum works in the Chelyabinsk and Tyumen regions and the Khanty-Mansiisk Autonomous District. The company includes the first and second Tyumen combined heat and power plants (CHPPs); the Tobolsk CHPP; the first, second and third Chelyabinsk CHPPs; the Chelyabinsk GRES power plant and the Argayash CHPP. Their installed capacity is 4.3 GW for power and 11.8 Gcal/hour for heat. The Finnish corporation Fortum owns 94.88% of the company.