Inter RAO's Georgian subsidiary reduces net profit 17% in 2012
TBILISI. April 1 (Interfax) - Tbilisi-based electricity distribution company Telasi, a subsidiary of Russian Inter RAO UES , posted a net profit of 25 million lari (roughly $15 million) in 2012, 16.9% less than in 2011, according to Telasi's annual financial report, which was audited by Ernst & Young.
Telasi boosted revenue 1.5% to 251.6 million lari last year.
Costs increased 1% to151.7 million lari, including 129.8 million lari for electricity transmission and distribution, the same as in 2011.
Assets rose to 287.5 million lari as of January 1, 2013 and capital increased 190% to 124.5 million lari.
Net profit in 2011 amounted to 30.1 million lari, 36.2% less than in 2010.
Telasi, one of Georgia's largest power grid companies, distributes and sells electricity in Tbilisi and its suburbs. The company supplies up to 2 billion kWh of electricity annually to about 454,000 customers.
RAO owns 75.11% of Telasi through Netherlands-based Silk Road Holdings B.V. Partnership Fund, a company founded by the Georgian government, owns 24.53% of Telasi and private individuals hold the other 0.36%.
The official exchange rate for March 12 was 1.6577 lari/$1.