30 Jul 2012 09:16

MOEK closes 2011 with IFRS net loss of 1.7 bln rubles

MOSCOW. July 30 (Interfax) - Moscow United Energy Company (MOEK) , the biggest supplier of heating in the Russian capital, posted a net less of 1.7 billion rubles to International Financial Reporting Standards in 2011 compared to a profit of 4.9 billion rubles in the previous year, the company said in a statement.

Revenue grew 5.7% to 90.7 billion rubles, while operating costs rose 12.5% to 103.8 billion rubles.

Pretax profit tumbled more than 80% to 1.5 billion rubles.

MOEK provides heat to the area surrounding Moscow. Its activities cover all segments of the energy market: production, distribution and heat sales, as well as electricity generation. The company belongs to the City of Moscow.