TGK-9's RAS net profit down 89% in 2010
PERM. April 4 (Interfax) - Russian generating company OJSC TGK-9 posted 476.11 million rubles in net profit according to Russian accounting standards (RAS) for 2010, which was a 89% decrease from 4.215 billion rubles in profit for 2009, the genco said in a statement.
The genco said that the drop in profit had been the result of declining margin revenue from power sales, which also went down. The profit decrease was also driven by the reduction in the tariff rate and increasing fuel costs, which went up faster in comparison because of the tariff change.
In addition, increasing amortization, rising prices on resources and losses helped push down TGK-9's net profit, as well as allowances provided to the company's debtors on their payment obligations.
The genco posted 1.077 billion rubles in net profit for the fourth quarter compared to 1.229 billion rubles in net losses for the previous quarter. The reason for the improvement was a seasonal increase in revenue margins from energy sales.
TGK-9 unites generating capacity in the Sverdlovsk Region, the Perm Territory and the Komi Republic. The company's total installed electricity capital is 3,279 gigawatts while heat capacity stood at 16,866 Gcal per hour.