Quadra halves IFRS net profit to 428.5 mln rubles in H1
MOSCOW. Oct 15 (Interfax) - OJSC Quadra Generating Company's (formerly TGK-4) net profit according to international financial reporting standards (IFRS) came to 428.5 million rubles in the first half of 2012, more than halving the results for the same period of 2011, the genco said in its IFRS results.
Quadra's sales revenue decreased by 6.7% to 20.9 billion rubles, including revenue from electricity and capacity sales, which came to 9.7 billion rubles (down 11%) and heat - 10.8 billion rubles (down 3.6%).
Quadra said in a statement that the change in total electricity sales was the result of incomplete commission of generating equipment according to engineering specifications and pricing failure for competitive capacity outtake for a portion of the company's generating stations. The decline in revenue from electricity sales was largely driven by the decrease in pricing parameters on the day-ahead market.
The genco's pretax profit came to 723.1 million rubles (down 39.1%) while operational profit totaled 895.1 million rubles (down 26.8%).
OJSC Quadra Generating Company has operations in 11 regions of Russia's Central Federal District - Belgorod, Bryansk, Voronezh, Kaluga, Kursk, Lipetsk, Orlov, Ryazan, Smolensk, Tambov and Tula. The genco owns 25 electricity stations, 371 boilers, and 4,651.9 kilometers in grid capacity. Total installed capacity comes to 3,517.8 megawatts while heat capacity is 15,260.1 Gcal per hour.
According to the SPARK database, Onexim Holdings Ltd owns 48.11% of the voting shares in Quadra.