St. Petersburg Power Sales Co. net profits plunge 88.9% in 2012
ST. PETERSBURG. Feb 22 (Interfax) - OJSC St. Petersburg Power Sales Company saw its 2012 net profits drop 88.9% to 176.8 million rubles, the company said.
The company made net profits of 1.616 billion rubles in 2011.
Electricity sold last year generated 52.680 billion rubles in revenue, down 6.6%. Sales losses amounted to 694.6 million rubles versus sales profits of 2.633 billion rubles in 2011.
The company sold 25.192 kWt of electricity in 2012, 3.3% more than the year before.
St. Petersburg Power Sales Co. was set up during power sector reforms, when it was spun off from OJSC Lenenergo . It is a guaranteeing supplier of electric power in St. Petersburg and Leningrad Region.
At the end of 2012, OJSC Inter RAO UES consolidated 100% of the company's stock via SPV CJSC Inter RAO Capital.