TGK-12 posts 1.9 bln rubles in IFRS net losses for 2011 compared to profit for previous year
KEMEROVO. April 17 (Interfax) - Kuzbassenergo (TGK-12) posted 1.925 billion rubles in net losses according to international financial reporting standards (IFRS) for 2011, the genco said in a statement.
TGK-12 posted 1.771 billion rubles in net profit for 2010.
The genco's sales revenue in 2011 increased by 0.25% to 31.15 billion rubles.
TGK-12's main financial results for 2011 (in mlns of rubles):
| 2011 | 2010 | |
| Sales revenue | 31 150 | 31 071 |
| Production costs | 30 698 | 28 281 |
| Gross profit | 452 | 2 790 |
| Profit (losses) from operations | (1 472) | 2 143 |
| Pretax profit (losses) | (1 738) | 2 331 |
| Net profit (losses) | (1 925) | 1 771 |
The genco said in its materials that the main beneficiary in the company at the end of 2011 was Andrei Melnichenko, who held 57.17% in the company.
TGK-12, in addition to the parent company, includes 100%-controlled subsidiaries - OJSC Siberian Engineering and Analytical Center OJSC Kuzbass Energy-Repair Company, CJSC Autotransport Enterprise Kuzbassenergo, CJSC Energetik Health Center, OJSC Barnualteplosetremont, and LLC Kuzbassenergo-Finance.
TGK-12 includes six electricity stations in the Kemerovo Region and three stations in the Altai Territory. The genco's total installed electricity capacity comes to 4,500.2 megawatts while installed heat capacity stands at 8,904.5 Gcal/hr.