E.ON Russia net profit drops 14.5% to 4.83 bln rubles in Q1
MOSCOW. April 28 (Interfax) - E.ON Russia posted a net profit of 4.833 billion rubles in the first quarter of 2014 under Russian accounting standards, 14.5% less than in the same period last year, the generating company said in a press release.
Sales revenue edged down 0.1% to 21.1 billion rubles, pretax profit fell 23.8% to 5.996 billion rubles and cost of sales rose, by 8.1% to 15.348 billion rubles.
The company said financial results deteriorated due to a shift in the energy balance of the Tyumen region, where OJSC Fortum launched the Nyangan state district power; and the impact of this year's competitive capacity off-take on the Siberian energy system, where low prices were established. E.ON Russia also expects power consumption to fall in the regions where it has a presence.