RusHydro swings to IFRS net profit in 2013
MOSCOW. March 20 (Interfax) - OJSC RusHydro , which operates the majority of Russia's hydroelectric power plants, made 20.99 billion rubles in net profit to International Financial Reporting Standards (IFRS) last year, versus losses of 25.3 billion rubles in 2012, the company reported.
Sales revenues, including subsidies, increased 5.6% to 326.9 billion rubles. Adjusted net profits increased 62.3% to 52.673 billion rubles.
The state company's earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 23.3% to 79.171 billion rubles. That was higher than the consensus forecast compiled by Interfax from a survey of investment company and bank analysts. They expected, on average, that EBITDA would be 74.33 billion rubles. They also expected adjusted net profits of 34.14 billion rubles.
EBITDA growth, the company said, was associated with increased power output by hydroelectric power stations, higher prices and sales volume on the day-ahead market, the implementation of a cost-cutting program, and lower costs for fuel and procured power and capacity, the company said.
The company's operating expenses increased 0.6% to 272.8 billion rubles, subsidies - 22.7% to 13.246 billion rubles.
