OGK-6 IFRS net profits rise 50% to 1.22 bln rubles in H1
MOSCOW. Aug 29 (Interfax) - Generating company OJSC OGK-6 saw net profits to International Financial Reporting Standards (IFRS) rise 50% in the first half from 799.9 million rubles to 1.222 billion rubles, the company reported.
The genco's sales revenues increased 20% to 26.5 billion rubles. The company attributes this year higher average weighted tariffs and prices for electric power and capacity on the wholesale market and greater amount of day-forward sales at free prices.
OGK-6's operating expenditures grew 22% year-on-year in the first half to 25.6 billion rubles, the bulk of it costs for fuel and purchased electrical and thermal energy and capacity (up 21% at 17.58 billion rubles).
The genco's operating profits were down 37.5% at 733 million rubles (from 1.15 billion rubles).
Company EBITDA (earnings before interest, taxes, depreciation, and amortization) contracted from 2.145 billion rubles to 1.944 billion rubles, or by 11%. The growth in net profits against lower EBITDA was associated with increased tax income on profits as a result of clarified tax declarations for profits in previous years, the company said.
OGK-6 includes Kirishi State District Power Plant (GRES), Novocherkassk GRES, Ryazan GRES, Cherepovets GRES, and Krasnoyarsk GRES-2. The genco is controlled by the Gazprom group.