Far East Generating Co. RAS net losses down 77% in H1
VLADIVOSTOK. Aug 12 (Interfax) - OJSC Far East Generating Company (DGK) , which is part of OJSC RAO Energy Systems of East, saw its net losses to Russian Accounting Standards (RAS) contract 76.8% year-on-year to 268.292 million rubles in the first half of this year, the company reported.
Sales revenues were up 2% at 29.462 billion rubles.
DGK financial highlights for H1, 1,000 rubles:
| H1 2013 | H1 2012 | |
| Sales revenues | 29 462 197 | 28 870 907 |
| Cost of sales | 28 185 109 | 28 182 041 |
| Gross profits | 1 277 088 | 688 866 |
| Pretax profits | 129 341 | 904 370 |
| Net profits | 268 292 | 1 163 373 |
DGK's accounts payable were down from 7.087 billion rubles at the start of this year at 4.581 billion rubles on June 30. Accounts receivable were down from 8.618 billion rubles at 7.838 billion rubles.
DGK's power stations produced 3.6% less electricity year-on-year in H1. This was due to the load on the Zeisky and Bureisky hydroelectric power plants because of high water levels in the Zeya and Bureya rivers and the priority of load on power stations making up OJSC RusHydro , which operates the majority of Russia's hydroelectric power plants.
OJSC Far East Generating company, which is wholly owned by Far Eastern Energy Company , is Russia's fourth largest territorial generating company by installed capacity. It is a major player on the Far East energy market with around a 69% share of electricity output. It has eight branches, including fifteen power stations, seven large boiler facilities, 942 kilometers of heating conduits, and a coal pit. Installed capacity is 5,865 MW for power and 12,585 gCal for heat.
