Mosenergo's net profit up 3.2-fold to 7 bln rubles in 9M
MOSCOW. Nov 1 (Interfax) - Generating company OJSC Mosenergo's net profit to Russian Accounting Standards (RAS) grew 3.2-fold year-on-year to 7.125 billion rubles in January-September 2011, the company said in a statement.
This significant profit growth resulted from a slowdown in rising expenditures on fuel, primarily because equipment operating modes were optimized. In addition, electricity sales grew due to a price increase on the day-forward market (PCB, free price formation), also contributing to a rise in profit, the statement said.
Mosenergo's key financial figures for Jan-Sept 2011, bln rubles:
| Jan-Sept 2011 | Jan-Sept 2010 | Change | |
| Revenue | 114.169 | 96.266 | +18.6% |
| Production costs | (106.766) | (92.196) | +15.8% |
| Gross profit | 7.414 | 4.07 | +80% |
| Sales profit | 7.131 | 3.874 | +84% |
| Net profit | 7.125 | 2.204 | +220% |
Mosenergo's revenue growth resulted from a 3.2% increase in electricity generation, a price increase on the day-ahead market, an increase in electricity and power sales on the free market and a rise in tariffs on heat.
The main revenue generator was income from electricity and power sales (57.3% of total revenue), which totaled 65.38 billion rubles, up 20.8% year-on-year. Revenue from heat sales rose 16.4% to 47 billion rubles.
Mosenergo, one of Russia's largest generating companies, comprises electric power stations with a total installed capacity of roughly 12 gWt. The company is controlled by Gazprom , and the blocking interest is held by the government of Moscow.