IDGC of Urals IFRS net profits drop 30.5% in H1
YEKATERINBURG. Aug 28 (Interfax) - OJSC IDGC of Urals made 143.084 million rubles in net profits to International Financial Reporting Standards (IFRS) in the first half of 2013, a 30.5% drop from H1 of last year, the company's consolidated interim report says.
Sales revenue for the half amounted to 30.392 billion rubles, up 0.5%.
Financial highlights for H1 2013 ('000 rubles):
| H1 2013 | H1 2012 | |
| Revenue | 30 391 600 | 30 247 201 |
| Operating costs | 29 756 872 | 29 337 112 |
| Profit before tax | 302 649 | 697 518 |
| Net profit | 143 084 | 205 947 |
Liabilities rose 4.3% to 26.478 billion rubles in the six-month period, compared to 25.374 billion rubles at the beginning of 2013. Short-term liabilities fell 5.4% to 8.938 billion rubles, whereas long-term liabilities jumped 10% to 17.54 billion rubles.
IDGC of Urals is the only operating company in the Urals region, managing the distribution grid complexes in the Sverdlovsk region, Chelyabinsk region, and the Perm territory.
The company was created through the merger of regional distribution companies OJSC Sverdlovenergo, OJSC Chelyabenergo, and OJSC Permenergo, which function as regional branches. IDGC of Urals also has subsidiaries - OJSC Yekaterinburg Power Grid Company, OJSC Yekaterinburgenergosbyt, LLC Electrical Service Company, OJSC Uralenergotrans, LLC Permenergo Security Service, and OJSC Urals Energy Service Company.
The company also said its board on August 26 approved an adjusted investment program for the period 2013-2018.
The company told Interfax that the 2013 investment would rise 12.2% to 8.28 billion rubles. Overall investment in the five years will go up 5.2% to 50.929 billion rubles. Investment will rise thanks mainly to a higher number of contracts for technical connection with the power grid.
Investment by Sverdlovenergo was revised up 8.8% to 3.517 billion rubles in 2013 and 4% to 19.6 billion rubles in the five years; for Permenergo it goes up 17% to 3.024 billion rubles and 6.2% to 20.8 billion rubles; and for Chelyabenergo - 11.2% to 1.74 billion rubles and 5.7% to 10.515 billion rubles.