TGK-9 sees RAS net profit fall 90% in 2013 to 127.6 mln rubles

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TGK-9 sees RAS net profit fall 90% in 2013 to 127.6 mln rubles

MOSCOW. April 1 (Interfax) - OJSC TGK-9 saw net profit to Russian Accounting Standards (RAS) fall 90% in 2013 to 127.6 million rubles from 1.297 billion rubles in 2012, the company said in a report.

Revenue declined 12% to 41.6 billion rubles.

Cost of sales fell 11% to 41 billion rubles, while gross profit was down 47.4% at 548 million rubles.

Borrowed funds totaled 14.8 billion rubles as of end-2013, down from 20.3 billion rubles a year before. A large part of these were in loans from banks with 12-month maturity.

TGK-9 is part of Viktor Vekselberg's IES Holding.