Georgian energy company Telasi sees net profit fall 33% in H1
TBILISI. Aug 6. (Interfax) - Tbilisi-based power distribution company JSC Telasi, which is controlled by Russian energy company Inter RAO UES , generated net profit of 11.8 million lari in the first half of 2012, or 33.3% less than in the same period of last year, the company said in its financial statement.
Sales revenue grew 1.8% year-on-year to 130 million lari, while revenue from operating activities plummeted 61% to 8.3 million lari.
Telasi purchased 75.3 million lari worth of electricity in January-June 2012 (30% growth), and it sold 125.9 million lari worth (up 3.1%).
Assets were down 2.4% over the beginning of the year to 254.2 million lari. Charter capital edged up 0.1% to 81.2 million lari.
Last year, Telasi saw its net profit drop 36.2% to 30.1 million lari.
Telasi is one of the largest power grid companies in Georgia, distributing and supplying electricity to Tbilisi and its suburbs. It services about 454,000 users, providing them with up to 2 billion kWh of electricity a year.
Inter RAO UES owns 75% of Telasi's charter capital, the Georgian Energy and Natural Resources Ministry has 24.53%, and private individuals own 0.47%.
The official exchange rate on August 6 was 1.65 lari/$1.
