Fortum posts operating profit in Russia for 2010
MOSCOW. Feb 3 (Interfax) - Finland's Fortum closed 2010 with operating profit of EUR 53 million from its Russia business, compared with losses of EUR 20 million in 2009, the company said.
Fortum controls the OJSC Fortum generating company from the Chelyabinsk region and owns a blocking stake in the TGK-1 genco in northwest Russia.
Earnings before taxes, depreciation and amortization (EBITDA) in Russia grew 150% last year to EUR 139 million.
Sales revenue rose 27% to EUR 804 million, of which EUR 505 million were from electricity and capacity sales, up 29.5%. Revenue from heat sales grew 31% to EUR 287 million.
Results improved on higher sales and the back of an efficiency drive, Fortum said.
OJSC Fortum controls the Tyumen #1 and 2 CHP plants, Tobolsk CHP plant, Chelyabinsk #1, 2 and 3 CHP plants, Argayash CHP plant and Chelyabinsk GRES state district power plant. Installed capacity is 2.7 gigawatts.
The Gazprom- controlled brings together 6,275 megawatts of power and 14,548 Gcal/h of heat capacity at 55 power plants in St Petersburg, Karelia and the Leningrad and Murmansk regions.