E4 Group boosts RAS net profit 230% in 2013 to 190.5 mln rubles
MOSCOW. May 6 (Interfax) - OJSC E4 Group saw net profit to Russian Accounting Standards (RAS) soar 230% in 2013 to 190.5 million rubles compared with 2012, the company said in a report.
Revenue declined 24% to 18.9 billion rubles, while cost of sales fell 11% to 19.6 billion rubles. Loss from sales totaled 1.9 billion rubles versus 1.6 billion rubles in profit the year before.
Other revenues grew 190% to 11 billion rubles, including 4.8 billion rubles in free property the company received from a shareholder. Other expenses doubled to 8.3 billion rubles, including expenses from property sales of 3.5 billion rubles.
Some 1.7 billion rubles went to recovery of losses from contractors versus 581.6 million rubles the year before. The company paid OJSC Fortum , controlled by Finnish energy concern Fortum, 1.7 billion rubles in 2013 to settle contractual relations following the termination of a contract to build a second and third block for the Nyaganskaya GRES.
Short-term loans from banks grew 35% to 14.6 billion rubles, while long-term loans fell 75% to 1.6 billion rubles.
E4 Group, which was created by Mikhail Abyzov, is a vertically-integrated engineering company with the management structure of a holding. It is part of the RU-COM business group.
