TGK-2 ups IFRS net profit 90% in H1
YAROSLAVL. Aug 30 (Interfax) - TGK-2 increased net profit 90% in the first half of 2013 year-on-year to 690.86 million rubles under international financial reporting standards (IFRS), the company said in its financial statement.
Revenue declined 2.4% year-on-year to 16.502 billion rubles.
Key financial indicators for TGK-2 in H1 ('000 rubles):
| H1 2013 | H1 2012 | |
| Revenue | 16 502 307 | 16 903 337 |
| Operating profit | 1 361 002 | 1 624 991 |
| Pretax profit | 862 196 | 603 944 |
| Net profit | 690 857 | 361 523 |
The value of assets edged down 1.6% to 46.289 billion rubles. Long-term liabilities fell 52% to 3.948 billion rubles and short-term liabilities increased 12% to 25.062 billion rubles.
TGK-2 comprises generating facilities in six Russian regions: the Arkhangelsk, Vologda, Kostroma, Novgorod, Tver and Yaroslavl regions. Its combined installed electricity capacity is 2,583 MW, and heat capacity is 12,473 Gcal/h.
The Sintez group represents the interests of the majority shareholders of TGK-2. Prosperity Capital Management holds a minority stake in the power company.