Lenenergo ups Q2 net profits 30%
ST. PETERSBURG. Aug 1 (Interfax) - OJSC Lenenergo increased net profits 29.8% year-on-year to 1.172 billion rubles in the second quarter, the company said in a statement.
The company made 36.605 million rubles in net profits in Q1, meaning H1 net profits of 1.209 billion rubles (25.4% less year-on-year from 1.620 billion rubles in H1 2010).
The increase in net profits from Q1 to Q2 was in part attributable to increased revenues from services involved in technical connection with clients meeting the technical conditions of technical-connection agreements, the company said.
Lenenergo is the biggest regional electricity grid company in northwest Russia. The enterprise services an area of 87,100 square kilometers with over 6 million people. The company has 38,800 kilometers of overhead electrical transmission lines, almost 16,000 kilometers in cable infrastructure and over 13,800 substations.
The main shareholders in the company are OJSC IDGC Holding (50.31% of ordinary shares) and the Administration of St. Petersburg (25.16%).
