IDGC of Urals IFRS net profits plunge 92% in 2012
YEKATERINBURG. April 26 (Interfax) - OJSC IDGC of Urals made 245.764 million rubles in net profits to International Financial Reporting Standards (IFRS) last year, an almost 92.5% decrease from 2011, the company reported.
Sales revenues were 59.431 billion rubles for 2012, down 4.1%.
Revenue from the provision of electric power were 45.551 billion rubles, down 4.7%, 12.048 billion rubles from power sales, down 1.6%, and 1.394 billion rubles from services involved in the technical hookup of customers to grids, down 4.9%.
Main IDGC of Urals financials, 1,000 rubles:
| 2012 | 2011 | |
| Sales revenue | 59 430 818 | 62 000 160 |
| Cost of sales | 59 450 896 | 58 032 659 |
| Sales profit | 503 001 | 4 089 606 |
| Pretax profit | 589 403 | 4 115 181 |
| Net profit | 245 764 | 3 270 951 |
OJSC IDGC of Urals is the sole operating company in Urals Region that distributes electric power in Sverdlovsk, Chelyabinsk, and Kurgan Regions and Perm Territory. It serves 514,000 square kilometers that is home to more than 12 million people, and operates over 150,000 km of cable and overhead power lines and 36,300 substations with total capacity of 52,000 megavolt amperes.
The company was set up via the merger of regional distribution companies OJSC Sverdlovenergo, OJSC Chelyabenergo and OJSC Permenergo, which function as regional branches. IDGC of Urals also has three subsidiaries: OJSC Yekaterinburg Power Grid Company, OJSC Yekaterinburgenergosbyt, and OJSC Kurganenergo.
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