Irkutskenergo posts paper losses on derivatives for 2011
MOSCOW. April 28 (Interfax) - Power company OJSC Irkutskenergo incurred 4.644 billion rubles in net losses to International Financial Reporting Standards (IFRS) last year, versus the 13.074 billion rubles in net profits it made the year before, the company reported.
But this was actually a paper loss, caused by a reappraisal of financial derivatives (down 19.41 billion rubles) linked to direct power supply contracts with aluminum producer UC Rusal.
Operating profit rose 11.8% to 15.651 billion rubles.
Sales revenue grew 17% to 74.977 billion rubles, with electricity sales up 21% to 54.138 billion rubles, heat down 0.6% to 13.645 billion rubles and other revenue growing 25.8% to 7.194 billion rubles.
Cost of sales rose 11.4% to 49.342 billion rubles and gross profit grew nearly 30% to 25.635 billion rubles.
Irkutskenergo is Russia's biggest integrated coal and power company, with heat and electrical power stations and heating networks, coal mines, transport companies, repair plants, and a beneficiation plant. The company's power stations have installed generating capacity of 12.9 GW. The mines have combined production capacity of 15.3 million tonnes of coal per year. Oleg Deripaska's En+ Group controls Irkutskenergo via EuroSibEnergo.