FGC's IFRS net profit up 80% to 22.81 bln rubles in H1, beats forecasts
MOSCOW. Oct 19 (Interfax) - OJSC Federal Grid Company's (FGC) adjusted IFRS net profit for the first half came to 22.81 billion rubles, up 80% from 12.64 billion rubles in the first half of last year, the grid company said in a statement.
Investment banks expected the company's net profit for the first half of 2011 to go up by 37.4% to 17.4 billion rubles.
FGC's consolidated sales revenue came to 71.217 billion rubles, up 26% year-on-year and close to market forecasts. The increase in sales revenue was driven by boosting total electricity transfer services.
The grid company's adjusted EBITDA increased by 42% to 45.459 billion rubles in the first half of this year. One of the key factors for this increase was a rise in the company's operational efficiency. Analysts earlier forecast FGC's EBITDA at 42.8 billion rubles.
FGC owns and manages facilities in Russia's Unified National Electricity Grid. The state owns 79.48% of the shares in the grid company.