Tatarstan genco boosts 2013 net profit 13-fold to 3 bln rubles
KAZAN. March 6 (Interfax) - OJSC Generating Company posted a net profit of 3.055 billion rubles in 2013, a 13-fold increase over the previous year, according to the company's Russian accounting standards (RAS) results.
The increase was due to "the release of estimated liabilities and the reserve for doubtful receivables and the parallel effort to collect receivables," it said.
Revenue rose 19% to 33.9 billion rubles, reflecting a decline in electricity output and higher tariffs. Revenue from electricity sales edged down 0.8% to 22.07 billion rubles, while revenue from sales of heat jumped 60% to 9.356 billion rubles, reflecting the launch of operations as a heat supply organization in Kazan and Naberezhnye Chelny on January 1, 2013.
Production costs increased 19% to 31.707 billion rubles, mainly due to higher prices for gas. The cost of electricity production was 19.79 billion rubles, 2.1% less, and heat energy production cost 9.386 billion rubles, 60% more.
Profit from sales rose 13.3% to 2.232 billion rubles. The pretax profit was up five-fold to 3.638 billion rubles.
Receivables grew 130% to 12.3 billion rubles and payables rose 90% to 3.744 billion rubles. The company also has loan debt totaling 500 million rubles. The reserve for doubtful receivables amounted to 3.599 billion rubles on December 31, 2013, including 0.779 billion rubles in unpaid electricity bills and 2.805 billion rubles in unpaid heat bills.
Generating Company produced 14.839 billion kilowatt-hours of electricity in 2013, 7% less than in 2012. Output of heat totaled 9.569 million Gcal, 3% less.
Generating Company is one of Russia's biggest electricity producers. Installed capacity amounts to 4,995 megawatts of electricity and 7,203 Gcal/hr of heat.