Irkutskenergo RAS net profits slump 16.5% in 9M
IRKUTSK. Oct 29 (Interfax) - OJSC Irkutskenergo saw net profits to Russian Accounting Standards (RAS) drop 16.5% year-on-year to 8.257 billion rubles in January-September, the company reported.
Company sales revenues increased 19% to 52.262 billion rubles. Revenue from the sale of electrical power amounted to 43.689 billion rubles (up 24.5%) and from the sale of thermal energy to 7.800 billion rubles (up 1.5%).
The company press service was not forthcoming with comments for Interfax on the January-September financial results.
Main January-September financial highlights (1,000 rubles):
| January-September 2012 | January-September 2011 | |
| Sales revenues | 52 262 260 | 43 925 172 |
| Cost of sales | 40 502 346 | 29 968 212 |
| Gross profits | 12 059 914 | 13 956 960 |
| Sales profits | 10 722 168 | 12 675 335 |
| Pretax profits | 10 482 451 | 12 304 169 |
| Net profits | 8 256 548 | 9 893 480 |
Irkutskenergo's long-term obligations stood at 10.381 billion rubles on September 30, up from 6.876 billion rubles on December 31 last year. The company's short-term obligations amounted to 11.114 billion rubles, down from 11.153 billion rubles.
Irkutskenergo is Russia's largest brown coal company and includes heat and hydro-electric power stations, heating networks, coal mines, transport enterprises, repair plants and an enrichment plant. The company's power stations have installed capacity of 12.9 GW, including 9 GW in hydro-electric power plant capacity. Its mines (brown and bituminous coal) have combined production capacity of 15.3 million tonnes a year.
Irkutskenergo is controlled by EuroSibEnergo, which belongs to Oleg Deripaska, the chief shareholder in Russian aluminum company UC Rusal. OJSC Inter RAO UES owns 40.007% of the company's stock.