TGK-7 sees 2010 RAS net profits drop 27.5% to 2.7 bln rubles
MOSCOW. March 31 (Interfax) - Russian generating company OJSC Volga TGK (RTS-TGKG), also known as TGK-7, saw its net profits calculated to Russian Accounting Standards (RAS) drop 27.5% to 2.66 billion rubles in 2010 from 3.67 billion rubles in 2009.
Net profits totaled 836 million rubles in Q4 and 1.8 billion rubles in Q1-Q3, the company said in a statement. Q3 brought losses of 574.87 million rubles. The Q4 improvement was a product of increased heat sales in those late fall and early winter months, the company said.
TGK-7 encompasses 21 combined heat and power plants in the Samara, Saratov, Ulyanovsk, and Orenburg regions that have combined generating capacity of 6,879.7 mWt of electricity and 30,687.2 gCal of thermal energy. The company's majority shareholder is Viktor Vekselberg's IES Holding. OJSC Inter RAO UES recently became a large shareholder when it obtained 32.44% of TGK-7 shares during its additional share placement.
