Lenenergo boosts IFRS earnings 84% in 2010
ST.PETERSBURG. May 26 (Interfax) - Lenenergo boosted net profit to International Financial Reporting Standards (IFRS) 83.6% in 2010 to 4.75 billion rubles, the power company said in a report.
Sales revenue grew 25.3% to 28.57 billion rubles. Income from the transmission of electrical power rose 14.8% to 17.692 billion rubles, and from technical hookups 55.2% to just under 10.200 billion rubles.
Lenenergo explains the profit growth to income from the provision of services rising more than costs.
Operating profits rose 65.4% last year to 7.133 billion rubles, EBITDA 67% to 11.934 billion rubles.
Lenenergo is the largest regional electricity network company in northwestern Russia, serving a territory of 87,100 square kilometers occupied by more than six million people. The company has 38,800 kilometers of strung transmission line, almost 16,000 km of cable, and over 13,800 substations.
Lenenergo is controlled by Lenenergospetsremont, Kurortenergo, and Tsarkoselskaya Energy Co. Its main shareholders are OJSC IDGC Holding (50.31% of ordinary shares) and the St. Petersburg administration (25.16%).