Krasnoyarsk HPP sees RAS net profits fall 12% in H1
KRASNOYARSK. July 29 (Interfax) - OJSC Krasnoyarsk Hydroelectric Power Plant (HPP) , located in Divnogorsk in the Krasnoyarsk territory, saw its net profit to Russian Accounting Standards (RAS) fall 11.7% year-on-year to 742.4 million rubles in January-June 2013, the company's materials say.
Revenue edged up 2% in H1 to 6.7 billion rubles, and cost of goods sold grew 8.85% to 5.747 billion rubles.
The company did not disclose the reasons behind the decline in its earnings.
Financial highlights for H1 2013 ('000 rubles):
| H1 2013 | H1 2012 | |
| Revenue | 6 699 811 | 6 567 706 |
| Cost of goods sold | 5 747 389 | 5 280 047 |
| Gross profit | 952 422 | 1287 659 |
| Profit before tax | 998 199 | 1159 029 |
| Net profit | 742 428 | 840 908 |
The Krasnoyarsk HPP is among the ten largest hydroelectric power plants in the world. It has a 6,000-megawatt installed capacity and long-term average production of 18.4 billion kilowatt hours a year.
OJSC EuroSibEnergo, which is part of Oleg Deripaska's En+ Group, owns 68.29% of the Krasnoyarsk HPP's shares. OJSC Hydroinvest, a 100% subsidiary of Russian power generating company OJSC RusHydro , holds 24.99% of its shares.