13 Apr 2012 13:15

TVEL sales revenues rise 60% in 2011

MOSCOW. April 13 (Interfax) - Nuclear fuel company TVEL, part of Russian state nuclear power corporation Rosatom, increased sales revenues 60% last year to 104.8 billion rubles, the company's accounting statement says.

TVEL's net profits increased 160% to 19.5 billion rubles. Production costs increased 53.5% to 76.9 billion rubles. Pretax profits rose 150% to 23.4 billion rubles.

Previously, TVEL management spoke of a drop in sales due to the Fukushima disaster. As company chief Yury Olenin said, Fukushima did not impact TVEL's financials for 2011 thanks to the company's short-term agreements, but it could influence this year's numbers.

Rosatom's plan is to grow TVEL's sales revenues to $16 billion by 2030.