IDGC Siberia sees RAS net profit tumble to 11.6 mln rubles in Q1
KRASNOYARSK. April 30 (Interfax) - OJSC IDGC Siberia posted net profit to Russian Accounting Standards down by 97% year-on-year to 11.623 million rubles in the first quarter of 2013, the regional power grid company reported.
"The reduction of profit was due to the reform of the sales system and the departure of some major consumers to the wholesale electricity market," company materials state.
However, IDGC Siberia's revenue grew 13.4% to 15.812 billion rubles, while costs rose by 7.2% to 14.34 billion rubles.
IDGC Siberia financial highlights ('000 rubles):
| Q1 2013 | Q1 2012 | |
| Sales revenue | 15 811 955 | 13 940 031 |
| Cost of sales | 14 340 423 | 13 373 779 |
| Gross profit | 1 471 532 | 566 252 |
| Operating profit | 172 467 | 407 672 |
| Profit before tax | 11 623 | 386 142 |
IDGC Siberia transmits and distributes electricity in the Altai Republic, Buryatia, Tuva and Khakasia, Altai, Trans-Baikal and Krasnoyarsk territories, and Kemerovo and Omsk regions.
IDGC Holding owns 55.59% of IDGC Siberia, and Cyprus-based Donalink Ltd holds a controlling stake of 27.49%.