Center and Volga grid co boosts RAS profit 32% in 2013
NIZHNY NOVGOROD. March 4 (Interfax) - Center and Volga Interregional Distribution Grid Company (IDGC) boosted net profit to Russian Accounting Standards (RAS) 32.4% in 2013 to 2.56 billion rubles, the company said in a report.
The company said the increase in net profits was driven by income rising faster than spending as a result of cost-cutting measures.
Sales revenue grew 29.7% to 77.67 billion rubles, including 61.225 billion rubles from power transmission, up 4.9%, 827.722 million rubles in connection fees, down 32.1%, and 15.375 billion rubles from the re-sale of electricity and capacity.
Financial highlights, 1,000 rubles:
| 2013 | 2012 | |
| Sales revenues | 77 670 301 | 59 888 642 |
| Cost of sales | 66 023 046 | 51 943 585 |
| Gross profits | 11 647 255 | 7 945 057 |
| Sales profits | 9 101 242 | 6 881 749 |
| Pretax profits | 3 477 023 | 3 019 877 |
| Net profits | 2 536 092 | 1 915 769 |
The company's accounts payable increased from 6.736 billion rubles at the start of last year to 8.932 billion rubles at the end. Its accounts receivable rose from 8.690 billion to 10.418 billion rubles.
The company said that aggregate assets stood at 89.280 billion rubles at end-2013, up 5.8%, including capital assets of 73.386 billion rubles, up 4.2%, and working assets of 15.894 billion rubles, up 13.9%. The company ended last year with net assets of 48.954 billion rubles.
Commercial electric power output last year amounted to 53.881 billion kWh, down 1.2%, and power grid losses accounted for 8.4% (8.6% in 2012).
Center and Volga Interregional Distribution Grid Company is the main provider of power transmission and power grid hook-up services in the Vladimir, Ivanovo, Kaluga, Kirov, Nizhny Novgorod, Ryazan, and Tula regions, as well as in the Mari El Republic and Udmurtia. Russian Grids (the former IDGC Holding) owns 50.4% of its shares.
