25 Apr 2012 12:04

IDGC Siberia cuts IFRS net losses 75% to 557.5 mln rubles in 2011

MOSCOW. April 25 (Interfax) - Power grid company OJSC IDGC Siberia , controlled by OJSC IDGC Holding, cut its net losses to International Financial Reporting Standards (IFRS) last year by 75% to 557.5 million rubles from 2010's 2.3 billion rubles, the company reported.

Analysts were expecting that IDGC Siberia would close out the year with profits of 18 million rubles.

Company sales revenues rose 19.4% to 52.3 billion rubles last year (from 43.8 billion rubles for 2010). That was a bit better than the 50.8 billion rubles the market had been expecting.