TGK-1 reduces RAS net profit by 55% in H1
ST. PETERSBURG. Aug 1 (Interfax) - Generating company OJSC TGK-1 reduced net profit according to Russian accounting standards (RAS) by 55% year-on-year to 2.1327 billion rubles in January-June 2012, the genco said in its RAS results.
The genco's sales revenue went down by 5.6% to 30.7399 billion rubles. TGK-1's costs of sale went up by 2.5% to 27.464 billion rubles. Profit from sales went down by 43.2% to 3.275 billion rubles while pretax profit declined by 47% to 2.747 billion rubles.
The company's short-term accounts receivable went down from 13.672 billion rubles on December 31, 2011 to 13.5199 billion rules on June 30, 2012. Accounts payable went up from 6.9637 billion rubles to 7.6676 billion rubles.
TGK-1 also said that its total electricity production in the first half came to 15.369 billion KWt hours, up 1.1% year-on-year. Output at the genco's combined heat and power (CHP) plants grew by 3% to 9.139 billion KWT hours. Production at the genco's hydroelectric power plants declined by 1.5% to 6.2299 billion KWt hours.
Heat production went down by 3.4% to 15.5875 million Gcal.
TGK-1 unites 55 electricity stations in St. Petersburg, Karelia, Leningrad and Murmansk regions. The genco's installed capacity for electricity production comes to 6,864 megawatts and heat output - 14,735 Gcal per hour. Russian gas giant Gazprom controls TGK-1