OGK-2's IFRS net profit up 40% in Q1
MOSCOW. May 24 (Interfax) - Generating company OJSC OGK-2 , which is in line for a merger with OGK-6 , increased its IFRS net profit by 40% year-on-year to 2.09 billion rubles in the first quarter of 2011 from 1.47 billion rubles posted for the same period of 2010, the genco said in its financial report.
OGK-6's Q1 IFRS net profit was substantially less at 982.2 million rubles, an 8.8% year-on-year decrease from 902.7 million rubles.
OGK-2's report puts sales revenues for the first quarter at 15.47 billion rubles, up 17.2%. Electric power sale income was up 17.4% at 15 billion rubles, but revenue from thermal energy sales was down 2% at 358 million rubles.
OGK-2's operating costs were up 14.45% at 12.75 billion rubles. Spending on fuel increased 13.4% to 9.13 billion rubles, though operating profits rose 38.6% from 1.97 billion rubles in Q1 2010 to 2.73 billion rubles. The genco's pretax profits were up 41.4% at 2.6 billion rubles.
OGK-6 earned Q1 sales revenues of 14.55 billion rubles, up 21% year-on-year. Income from electricity sales was up 22.2% at 13.5 billion rubles, from thermal energy sales - 3.3% to 880 million rubles.
OGK-6's operating expenses increased 18.8% to 12.98 billion rubles (fuel costs were up 9.6% at 8.13 billion rubles). Operating profits rose 14% to 1.4 billion rubles from 1.23 billion rubles. Pretax profits increased 4.8% to 1.2 billion rubles.