TGK-11 sees net profit halve in H1
NOVOSIBIRSK. Aug 1 (Interfax) - Generating company OJSC TGK-11 posted net losses according to the Russian accounting standards (RAS) coming 669.9 million rubles for the second quarter of 2011 compared to net profit of 995.5 million rubles in the first quarter, the company said in a statement.
Therefore, the genco had 325.6 million rubles in net profit for the first half of 2011, half of its result for the same period of 2010 (657.1 million rubles).
"The second quarter had a planned loss owing to the shutdown of the heating season and, consequently, a decrease in sales revenue from heat energy. The decrease in net profit was also influenced that the start of the company's repair campaign and implementation of its investment program," the statement said.
TGK-11's RAS net losses for the second quarter of 2010 came to 457.7 million rubles.
The statement said that TGK-11's sales revenue in the period went up by 3.5% to 10.961 billion rubles.
The genco's asset value in the period went up by 10.7% to 21.338 billion rubles. The company's asset growth was the result of rising accounts receivable and increasing coal reserves.
"The increase in accounts receivable was the result payment of advances according to an agreement on the supply of equipment in the framework of a project to provide capacity at Omsk CHP-3 and Tomsk PRK (peak-reserve boiler facility)," the company said.
The company said that this had been driven by an increase in total loans. The genco's total loan portfolio in the first half of 2011 increased by 47% to 3.845 billion rubles as of June 30.
The company's accounts payable stood at 1.595 billion rubles on June 30, 2011, up 13.8% from 1.4 billion rubles at the start of the year. TGK-11 said that the increase for this figure in the first half had been driven by the planned continuation of the heating season (including an increase for total heat transport services), as well as planned construction and repair operations at the genco's stations.
TGK-11 is registered in Novosibirsk. Its main business is producing heat and electricity. The company has six heat and power stations in Omsk and Tomsk and two boilers with established electrical output of 2,076 mWt and thermal energy output of 8,347 gCal/hour. The company's heating network extends for more than 800km. OJSC Inter RAO UES is the controlling shareholder in the genco.
