Fortum's RAS net profit almost doubles in 9M to 3.7 bln rubles
MOSCOW. Oct 31 (Interfax) - Fortum's net profit to Russian Accounting Standards (RAS) rose 95% year-on-year in January-September 2014 to 3.7 billion rubles, the company said in a report.
Revenue was 35.5 billion rubles, up 13.3% from 31.3 billion rubles a year earlier. Cost of sales advanced 6.9% to 29.713 billion rubles.
Main financial results for 9M 2014 ('000 rubles):
| 9M 2014 | 9M 2013 | |
| Sales revenue | 35 484 371 | 31 310 309 |
| Cost of sales | 29 713 292 | 27 788 103 |
| Gross profit | 5 771 079 | 3 522 206 |
| Operating profit | 5 771 079 | 3 522 206 |
| Profit before tax | 4 637 122 | 2 493 430 |
| Net profit | 3 673 120 | 1 932 812 |
The company's financial results were affected mostly by the commissioning of new power units under capacity supply agreements, a Fortum source told Interfax.
Accounts receivable grew from 11,470,029,000 rubles at the beginning of the year to 11,558,165,000 rubles on October 1. Payables fell from 7,386,538,000 rubles to 7,083,128,000 rubles.
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 94.57% of the company.