TGK-11's net profit down 10.7% in Q1 because of weather conditions
MOSCOW. April 28 (Interfax) - Generating company OJSC TGK-11 net profit according to Russian accounting standards (RAS) went down in the first quarter of 2011 by 10.7% to 995.5 million rubles.
The decrease in net profit was the result of a drop in commercial heat output because of easier winter conditions.
However, thanks to tariff indexation, the genco's sales revenue went up by 5% to 7.53 billion rubles. The share of revenue from the sale of electricity and capacity came to 35% and heat energy - 62%.
The genco's costs went up by 7.5% to 6.13 billion rubles largely because of rising fuel expenses.
TGK-11's accounts payable stood at 2.08 billion rubles as of March 31, up 48.4% over the first quarter. The company said that this part of the ledger increased owing to costs for transporting heat during the cold season, as well as construction and installation expenditures for power delivery contracts at TGK-11'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.
