MOEK sees RAS net loss grow 175% in H1 to 2.2 bln rubles
MOSCOW. Aug 18 (Interfax) - OJSC Moscow Integrated Power Company (MOEK) saw net loss to Russian Accounting Standards (RAS) increase 175% year-on-year in January-June 2014 to 2.21 billion rubles, the company said in a report.
Revenue declined 7.6% to 59.7 billion rubles, while cost of sales fell 4% to 60.5 billion rubles.
Loss from sales was down 44.5% at 821 million rubles.
A number of key financial figures fell mostly due to weather conditions, the company said in a press release. The average air temperature in the 2013-2014 heating season was substantially higher than in the previous year. This had an adverse effect on heat production and sales volumes in the first half of 2014.
The company's long-term debt totaled 20.7 billion rubles as of end-H1 versus 12.4 billion rubles at the end of 2013. Short-term debt fell to 7.1 billion rubles from 17 billion rubles.
MOEK finished 2013 with RAS loss of 8 billion rubles.
