Urals IDGC doubles net profit to IFRS in H1
YEKATERINBURG. Sept 7 (Interfax) - Urals Inter-District Grid Company (Urals IDGC) posted net profit to International Financial Reporting Standards of 2.66 billion rubles, double the H1 2010 figure, the company reported.
Sales revenue climbed 8.2% to 31.62 billion rubles.
Electricity transmission revenue grew 7% to 24.42 billion rubles, electricity sales revenue went up 14.5% to 6.33 billion and revenue from grid connection services jumped 34.8% to 717.77 million rubles.
Key financial indicators for Urals IDGC (thsd. rubles)
| H1 2011 | H1 2010 | |
| Sales revenue | 31 618 413 | 29 231 529 |
| Cost of sales | 28 640 902 | 27 356 711 |
| Sales profit | 2 984 229 | 1 863 497 |
| Pretax profit | 3 025 291 | 1 627 768 |
| Net profit | 2 664 079 | 1 362 741 |
Long-term liabilities totaled 10.59 billion on June 30 2011, compared to 12.02 billion on December 31 2010. Short-term liabilities stood at 7.66 billion, down from 8.25 billion rubles.
Urals IDGC was created through the merger of regional distribution companies - Sverdlovenergo, Chelyabenergo and Permenergo, which operate as regional branches. Urals IDGC also has three subsidiaries - Yekaterinburg Grid Company, Yekaterinburgenergosbyt and Kurganenergo .