Kyivenergo increases net revenue 30.8% in 2011
KYIV. Feb 17 (Interfax) - PAO Kyivenergo's net revenue according to Ukrainian accounting standards, increased by 30.8% (by 2.597 billion hryvni) to 11.0435 billion hryvni (7.9875 hryvni/$1 on February 17, 2012) in 2011, the company said in a statement filed with the country's National Securities and Stock Market Commission information disclosure system.
The company's gross losses in 2011 increased by 29.1% (266.439 million hryvni) to 1.183 billion hryvni.
Kyivenergo's net losses for last year came to 1.375 billion hryvni compared to 159.025 million hryvni in net profit for 2010.
The company said that its losses for 2011 had been the result of late compensation from the city of Kyiv for tariff differences. The difference arises since the actual cost for heat differs from that set in the tariffs for the company for its production, transport and supply to consumers.
As of December 31, 2011, Kyivenergo's debt for natural gas used for heat production came to 1.83 billion hryvni. In addition, debt in budgets for compensating the differences in tariffs comes to 2.24 billion hryvni.
Kyivenergo operates almost all power facilities in Kyiv with the exception of the Darnitsa heat and electricity station.
Private energy holding DTEK owns a 71.82% stake in Kyivenergo. Energy Company of Ukrainian holds 25% plus one share.