Corrected: TGK-5 RAS net profits skyrocket 190% in H1
(to change company name from TGK-6 to TGK-5 of news item issued at 7:02 p.m. July 30)
NIZHNY NOVGOROD. July 31 (Interfax) - Generating company OJSC TGK-5 , which is based in Nizhny Novgorod and managed by IES Holding, turned a 588.169-million-ruble net profit in the first half of 2013, 190% more than it earned in the same period last year, the company said in its financial report to Russian Accounting Standards (RAS).
Sales revenues grew 8.7% to 12.506 billion rubles in January-June. That included a 1.6% increase in revenue from electricity sales, at 5.427 billion rubles; 2.1% growth in capacity sales revenue, at 1.451 billion rubles; and a 23.1% jump in heat sales revenues, at 5.196 billion rubles.
Financial highlights ('000 rubles):
| H1 2013 | H1 2012 | |
| Revenue | 12 506 336 | 11 501 976 |
| Cost of goods sold | 11 457 883 | 11 173 613 |
| Gross profit | 1 048 453 | 328 363 |
| Profit from sales | 1 048 453 | 328 363 |
| Profit before tax | 759 212 | 273 390 |
| Net profit | 588 169 | 205 830 |
TGK-5 includes combined heat and power plants in Chuvashia and Udmurtia, the Kirov region and the Mari El Republic with combined installed capacity of 2,467 megawatts.
