Mosenergo's IFRS net profit up 42% to 7.98 bln rubles in Q1
MOSCOW. June 15 (Interfax) - Generating company Mosenergo's (TGK-3) IFRS net profit came to 7.98 billion rubles in the first quarter of 2011, the group said in its financial reporting.
This figure came to 5.62 billion rubles in the same period of 2010. Therefore, this figure increased by 42% year-on-year.
The company's operational profit increased by 61.2% year-on-year to 9.7 billion rubles while EBITDA went up by 41.3% to 12.72 billion rubles.
The company's sales revenue for the first quarter came to 60.25 billion rubles in comparison with 50.72 billion rubles a year previous. The increase in sales revenue was driven by rising electricity sales, an increase in prices on the day-ahead market and rising tariffs for heat, Mosenergo. The bulk of the sales revenue (53.4%) was from the sale of heat. This figure increased by 12.4% year-on-year to 32.2 billion rubles. At the same time, revenue from sales of electricity and capacity increased by 29.5% to 27.45 billion rubles
Costs for fuel increased by 15% to 27.73 billion rubles.
Personnel expenditures went down from 2.98 billion rubles a year previous to 1.85 billion rubles. The sharp drop was the result of a personnel reduction (from 11,600 workers to 8,500 workers).
The company's liabilities decreased from 61.93 billion rubles at the start of the year to 59.86 billion rubles, including short-term debt - from 24.05 billion rubles to 22.28 billion rubles.
Mosenergo is one of Russia's leading generating companies. The company's installed capacity comes to around 12 gigawatts. The Gazprom Group holds control in the company. The Moscow government owns a blocking packet.
The company expects its EBITDA to come to 23 billion rubles this year and sales revenue - 157 billion rubles.