OGK-6 RAS net profits up less than 1% for 2010
MOSCOW. March 14 (Interfax) - Russian Accounting Standards (RAS) net profits at generating company OJSC OGK-6 for last year were up just 0.96% from 2099 at 2.84 billion rubles, the company said.
The genco's net profit in the fourth quarter of 2010 came to 1.447 billion rubles compared to 622.8 million rubles in net losses for the same period of 2009. OGK-6 said that acts were signed with consumers for technical connection with Kirishskaya GRES' distribution facility. In accordance with agreements signed in 2008 advances totaling 1.3 billion rubles (without VAT) from these consumers were received, which were included in the genco's accounts payable. After the signing of the new acts, this amount became 1.3 billion rubles in sales revenue and 1.039 billion rubles in net profit.
The genco's results for last year also included technical connection acts for Kirishskaya GRES.
The genco's sales revenue in 2010 went up by 22.9% to 51.5 billion rubles. At the same time, production costs for sold commercial output and services went up by 33.4% owing to rising fuel costs. This figure for 2010 came to 45.563 billion rubles.
Owing to high production costs, OGK-6's gross profit went down by 23.4% to 5.91 billion rubles while profit from sales decreased by 30% to 3.555 billion rubles.
The company was also able to reduce total miscellaneous expenditures by 59% to 820 million rubles.
The statement said that the bulk of its sales revenue, 66.4% in 2010 (63% in 2009), was from electricity sales, which increased by 29.6% to 34.2 billion rubles. The increase was driven by rising electricity output of 17.2% and an increase of the average price for electricity by 10.5%. Sales revenue from capacity sales went up by 1.9%.
OJSC OGK-6 is controlled by Gazprom Group . The genco includes Ryazan, Novocherkassk, Kirishskaya and Cherepovets GRES, as well as Krasnoyarsk GRES. Total installed capacity comes to 9,162 megawatts.
