Inter RAO increases RAS sales revenue 20% for 2011, posts 143 bln rubles in net losses
MOSCOW. March 23 (Interfax) - OJSC Inter RAO UES posted 73.38 billion rubles in sales revenue according to Russian accounting standards (RAS) for 2011, the company said in its RAS reporting.
The company's sales revenue came to 61.39 billion rubles for 2010. Therefore, sales revenue increased by 19.5% for 2011.
Just over half of the holding's sales revenue (36.9 billion rubles compared to 29 billion rubles for 2010) came from exports. Sales of electricity and capacity on the domestic market came to 35.26 billion rubles in 2011 compared to 30.76 billion rubles for 2010.
The company's production and operational costs increased from 49.6 billion rubles to 60.7 billion rubles. Profit from sales fell to 2.08 billion rubles from 3.14 billion rubles in 2010.
A sharp increase in miscellaneous costs, from 60 billion rubles to 218.7 billion rubles, was driven by the company's net loss of 143.12 billion rubles. Inter RAO posted 2.7 billion rubles in RAS net profit for 2010 since miscellaneous expenditures were practically comparable to miscellaneous revenue.
The increase in miscellaneous expenditures was the result of a reassessment of the holding's assets at the end of the reporting period: since the company's share quotations decreased sharply in 2011, Inter RAO's assets devalued by 120 billion rubles, the company said in a statement. In addition, the holding created additional reserves for its accounts receivable and the devaluation of its financial investment (31.8 billion rubles).
Inter RAO's net debt decreased by 40% to 7.4 billion rubles in 2011.
The company's total accounts receivable stood at 65.4 billion rubles at the end of 2011.