IDGC of Urals 2012 RAS net profits plunge 75%
YEKATERINBURG. March 4 (Interfax) - OJSC IDGC of Urals saw its net profits to Russian Accounting Standards (RAS) contract 75.6% last year to 625.814 million rubles, the generating company reported.
Company sales revenues were down 5.9% at 51.335 billion rubles.
"Despite a complicated financial-economic situation, the company remained a profit-maker. The profits made fully conform to the business plan figures. The decrease is attributable to the departure of 'last mile' consumers and the containment of tariffs for the transmission of electric power in the first half," a company representative told Interfax.
Main IDGC of Urals 2012 financials, 1,000 rubles:
| 2012 | 2011 | |
| Sales revenues | 51 334 978 | 54 571 746 |
| Cost of sales | 49 357 680 | 50 063 731 |
| Gross profits | 1 977 298 | 4 508 015 |
| Sales profits | 1 977 298 | 4 508 015 |
| Pretax profits | 783 465 | 3 039 816 |
| Net profits | 625 814 | 2 548 050 |
The company's accounts payable decreased from 5.881 billion rubles at the start of last year to 5.851 billion rubles at the end. Accounts receivable dropped from 5.400 billion to 4.115 billion rubles.
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.