2 Apr 2013 14:52

TGK-7 slashes net loss by 24% in 2012

SAMARA. April 2 (Interfax) - OJSC Volga TGK , or TGK-7, slashed its net loss to Russian Accounting Standards (RAS) by 24% to 91.5 million rubles in 2012, according to the company's financial statement.

Revenue declined 7.5% to 53 billion rubles.

Key financials for 2012 ('000 rubles):

	2012	2011
Revenue	52 961 014	57 261 460
Cost of electricity	17 115 831	21 825 995
Cost of heat	27 768 848	27 416 841
Cost of other goods & services	234 081	254 297
Gross profit	883 698	1 522 273
Profit from sales	883 698	1 522 273
Profit before tax	349 716	256 656
Net profit (loss)	(91 505)	(120 351)

TGK-7 manages 21 combined heat and power plants in the Samara, Saratov, Ulyanovsk and Orenburg regions, with combined electricity capacity of 6,879.7 MW and heat capacity of 30,687.2 Gcal/h.

Victor Viktor Vekselberg's IES Holding is TGK-7's majority shareholder. At the beginning of 2011, Russian energy company Inter RAO UES became a major shareholder, acquiring 32.44% of TGK-7's shares during an additional issue.