Krasnoyarsk HPP sees RAS net profit tumble 65% in 2012
KRASNOYARSK. April 2 (Interfax) - Krasnoyarsk HPP , one of the world's ten largest hydropower plants, reported net profit to Russian Accounting Standards down by about 65% year-on-year to 1.397 billion rubles in 2012.
Revenues fell 10.3% to 12.534 billion rubles, while costs rose 5.7% to 10.562 billion rubles, the company reported.
The drop in profit was due to the plant operating for an extended period under a conservation regime imposed by regulators due to low water levels in 2012, the company's press service told Interfax.
The plant's net electricity production in 2012 amounted to 14.869 billion kWh, 19.4% less than planned.
Krasnoyarsk HPP financial highlights in 2012 ('000 rubles):
| 2012 | 2011 | |
| Sales revenue | 12 533 837 | 13 967 441 |
| Cost of sales | 10 561 814 | 9 992 061 |
| Gross profit | 1 972 023 | 3 975 380 |
| Profit before tax | 1 885 412 | 4 100 341 |
| Net profit | 1 396 640 | 3 202 116 |
Krasnoyarsk HPP has installed capacity of 6,000 MW and has generated an average of 18.4 billion kWh of electricity over a period of many years.
Eurosibenergo, a division of billionaire Oleg Deripaska's En+ Group, owns 68.29% of Krasnoyarsk HPP, and Gidroinvest, a wholly owned subsidiary of state-controlled RusHydro , owns 24.99%.
