MOEK's net losses up 1050% in 2010 to 9.13 bln rubles
MOSCOW. March 29 (Interfax) - OJSC MOEK (Moscow United Energy company) posted 9.13 billion rubles in net losses according to Russian accounting standards (RAS) for 2010, up 1050% from 791 million rubles in losses posted for 2009, the company said in a statement.
The statement said that MOEK's losses for the fourth quarter came to 126.75 million rubles. The losses for January-September 2010 stood at 9 billion rubles.
MOEK said that its losses for the first nine months of 2010 have been partially the result of an asset reassessment (there were only losses of 5.5 billion rubles for the third quarter).
The company's losses decrease for the fourth quarter owing to seasonal factors, MOEK said.
MOEK's chief Alexander Remizov estimated the company's losses for 2010 at around 2 billion rubles. He said that the losses had been driven partially by the transfer of derelict heat grid facilities
MOEK is the main supplier of heat in the Moscow region. The Moscow government controls the company.
