Mosenergosbyt's RAS net profit plummets 95% to 48 mln rubles in Q1

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Mosenergosbyt's RAS net profit plummets 95% to 48 mln rubles in Q1

MOSCOW. May 14 (Interfax) - Mosenergosbyt , the supplier of last resort for Moscow and the Moscow region, saw its net earnings plummet by 95.2% to 48.091 million rubles in Q1 2013, according to the company's financial report to Russian Accounting Standards (RAS).

Profit before tax slumped 85.7% to 202.048 million rubles.

Meanwhile, Mosenergosbyt's revenues grew 8.6% to 62.28 billion rubles in Q1 2013, cost of goods sold rose 9.7% to 21.241 billion rubles, and gross profit was up 8% to 41.139 billion rubles.

Russian energy company Inter RAO UES owns a controlling stake in Mosenergosbyt, and a blocking stake belongs to structures close to Russian gas giant Gazprom . The Moscow government holds approximately 7.5%.