2 May 2012 16:35

MOESK ups net profit to RAS 24% to 3.8 bln rubles in Q1

MOSCOW. May 2 (Interfax) - OJSC Moscow United Electric Grid Company (MOESK) boosted net profit to Russian Accounting Standards (RAS) 24% year-on-year to 3.8 billion rubles in Q1 2012, the company said in its financial statement.

Revenue, however, was down 3.2% to 34.5 billion rubles.

Cost of sales also declined - by 2.4% to 35.7 billion rubles.

Profit before tax grew 22.2% to 5.1 billion rubles.

MOESK supplies heat to the Moscow region, and its activities cover all segments of the energy market: production, distribution and heat sales, and electricity output. The company belongs to the Moscow government.