29 May 2013 17:31

Quadra expects to turn profit in 2013

MOSCOW. May 29 (Interfax) - Generating company OJSC Quadra plans to turn a profit in 2013, the company's CEO Vladimir Shelkov told reporters.

The genco will definitely post a loss to Russian Accounting Standards (RAS), but its results to International Financial Reporting Standards (IFRS) will "depend on the situation with heat," he said.

Last year Quadra had a 619.5-million-ruble net loss to RAS, compared to 928.2 million rubles in net profit the year before. The company has yet to report its IFRS results.

Quadra manages combined heat and power plants in 11 regions in central Russia with combined electrical capacity of around 3,700 megawatts. The genco includes 25 power plants, 357 boilers and 5,054.5 kilometers of heating networks.