TGK-1 sees IFRS net profit fall 45% in H1
ST. PETERSBURG. Aug 28 (Interfax) - The Gazprom Group's OJSC TGK-1 saw net earnings to International Financial Reporting Standards (IFRS) sink 45.4% year-on-year to 3.179 billion rubles in the first half of 2012, the genco said in a statement.
Unaudited consolidated sales revenue fell 6.7% year-on-year to 32.038 billion rubles due, the company said, to changing electricity prices, a lower water level at the company's hydropower plants and lower electricity exports.
Operating profit fell 29% to 4.951 billion rubles and earnings before taxes, depreciation and amortization (EBITDA) were down 17% to 7.622 billion rubles.
TGK-1 manages 55 power stations in St. Petersburg, Karelia, and the Leningrad and Murmansk regions. Its installed power capacity is 7,024 MW, and its heat capacity is 14,735 Gcal/h.
TGK-1 is controlled by Gazprom. Finnish power concern Fortum Power and Heat Oy owns 25.66%.
