TGK-2 sees RAS net profit fall 39% in H1 to 600 mln rubles
MOSCOW. Aug 1 (Interfax) - OJSC TGK-2 saw net profit to Russian Accounting Standards (RAS) fall 39% in the first half of 2014 to 600 million rubles, the company said in a report.
Revenue was level with H1 2013 at 16.3 billion rubles, while cost of sales increased 1.3% to 14.5 billion rubles.
The company saw gross profit decline 5% to 1.8 billion rubles.
The company's long-term debt totaled 3.6 billion rubles at the end of June versus 4.1 billion rubles at the end of 2013. Short-term debt in the reporting period fell to 10.9 billion rubles from 12.6 billion rubles.
The company's accounts payable due to suppliers and contractors was 6.9 billion rubles at the end of June, which was 21% less than at the end of December 2013.
The genco has generating enterprises in six parts of Russia: Arkhangelsk, Vologda, Kostroma, Novgorod, Tver, and Yaroslavl Regions. Total installed power capacity is 2,583 MW, heating capacity 12,473 gCal/hour.
The Sintez group represents the interests of the holders of a majority share stake in TGK-2. The investment fund Prosperity Capital Management holds a minority stake in the genco.