TGK-6 net profits to RAS surge 120% in Q1

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TGK-6 net profits to RAS surge 120% in Q1

NIZHNY NOVGOROD. April 30 (Interfax) - Nizhny Novgorod-based OJSC TGK-6 , which is managed by IES Holding, boosted its net profits by 120% year-on-year to 693.654 million rubles in Q1 2013, according to the company's financial report to Russian Accounting Standards (RAS).

Sales revenue, excluding VAT and excises, rose 3.7% to 9.786 billion rubles. This included 3.642 billion rubles in revenue from electricity sales (up 3.3%), 1.132 billion rubles from capacity sales (up 8.9%) and 4.709 billion rubles from heat sales (up 2.9%).

Financial highlights ('000 rubles):

	Q1 2013	Q1 2012
Revenue	9 785 891	9 436 639
Cost of goods sold	8 791 775	8 721 362
Sales profit	994 116	715 227
Profit before tax	917 917	450 508
Net profit	693 654	317 803

TGK-6 is the key heat and electricity producer in the Nizhny Novgorod, Vladimir, Ivanovo and Penza regions and the Republic of Mordovia.