TGK-11 RAS net profit down by third in H1
NOVOSIBIRSK. Aug 1 (Interfax) - Generating company OJSC TGK-11 saw its net profits to Russian accounting standards (RAS) drop by 35.9% year-on-year to 194.78 million rubles in the first half of this year, the company said in a statement.
The genco's financial results were influenced by rising sales revenue from heat, less total capacity sold, rising total electricity sales and growing coal costs.
TGK-11's sales revenue went up 2.4% to 11.2 billion rubles.
TGK-11 RAS financial highlights for H1 2012 (1,000 rubles):
| Jan-June 2012 | Jan-June 2011 | |
| Sales revenue | 11 220 002 | 10 961 174 |
| Sales costs | 9 826 203 | 9 348 740 |
| Gross profit | 1 393 799 | 1 612 434 |
| Pretax profit | 333 332 | 424 413 |
| Net profit | 194 780 | 303 746 |
In its statement, TGK-11 says that the value of company assets had increased 5.2% since this year began and that they were worth 24.2 billion rubles at end-June.
Company accounts payable grew 4.8% over the six months to 1.9 billion rubles. Its credit portfolio increased 500 million rubles to 5.8 billion rubles, including short-term credits of 1.6 billion rubles and long-term ones of 4.1 billion rubles.
"The increase of the credit portfolio was prompted by the enterprise's need for investment resources with the goal of completing the construction of generating capacity," the statement says.
TGK-11 is registered in Novosibirsk and produces electricity and heat in Tomsk and Omsk Regions. The company has six thermal electric stations and two boilers with overall installed electric power generating capacity of 2,076 mWt and heat-producing capacity of 8,347 gCal/hour. Its thermal energy network extends for more than 800 kilometers.
