IDGC of Volga net profit down 11% in 2012
SARATOV. March 1 (Interfax) - IDGC of Volga posted a net profit of 1.162 billion rubles in 2012 under Russian accounting standards, 11% less than in 2011, according to the company's financial reporting.
Revenue declined 4.3% to 45.764 billion rubles.
Revenue from electricity transmission and distribution totaled 45.124 billion rubles and revenue from technical connection services was 0.416 billion rubles.
Useable output amounted to 57.462 billion kilowatt-hours, down 0.3% from 57.62 billion kWh in 2011.
Key financial results for IDGC Volga ('000 rubles)
| 2012 | 2011 | |
| Revenue | 45 763 581 | 47 827 153 |
| Production costs | 41 626 153 | 44 476 389 |
| Gross profit | 4 137 428 | 3 350 764 |
| Profit from sales | 3 011 963 | 2 222 778 |
| Pretax profit | 2 130 801 | 1 471 750 |
| Net profit | 1 161 973 | 1 305 932 |
Long-term loans at the end of 2012 totaled 10.7 billion rubles. Short-term debt was 4.168 billion rubles, down from 5.268 billion rubles a year earlier. Receivables (payable within 12 months of the accounting date) amounted to 3.705 billion rubles.
IDGC Volga, founded on June 29, 2007 in Saratov, consolidated the power grid assets of Mordovia and Chuvashia, and Orenburg, Penza, Samara, Saratov and Ulyanovsk regions. IDGC Holding owns 67.626% of shares.