TGK-1 sees RAS net profit fall 11% in 2012
ST. PETERSBURG. March 4 (Interfax) - TGK-1 saw its net profit to Russian Accounting Standards (RAS) fall 10.8% to 3.353 billion rubles in 2012, the company said in a statement.
TGK-1 boosted revenue 4.3% to 60.145 billion rubles, and cost of goods sold grew 6% to 55.243 billion rubles.
The company attributed its revenue growth to increased capacity sales under capacity supply agreements, as well as to high water levels in the second half of the year in the regions that house TGK-11's hydro-electric power plants.
Gross profit sank 11.8% to 4.902 billion rubles last year, whereas profit before tax climbed 22.5% to 4.406 billion rubles.
Earnings before taxes, depreciation and amortization (EBITDA) jumped 27% to 11.595 billion rubles.
TGK-11 manages 55 power plants in St. Petersburg, Karelia, and the Leningrad and Murmansk regions. Its installed electrical capacity is 7.36 GW, and its heat capacity is 13,422 Gcal/h.
Gazprom controls TGK-1, and 25.66% of its shares belong to Finnish concern Fortum Power & Heat Oy.
