8 Dec 2010 12:03

OGK-3 IFRS net profits plunge 95% in Q1-Q3

MOSCOW. Dec 8 (Interfax) - Q1-Q3 net profits at generating company OJSC OGK-3 (RTS-OGKC) plummeted 95% year-on-year as calculated to International Financial Reporting Standards (IFRS) - from 4.126 billion rubles to 272 million, company materials citing un-audited figures say.

EBITDA was down 65% at 1.520 billion rubles and the EBITDA margin dropped from 17% to 5%.

Company sales revenues were up 19.7% at 31.382 billion rubles, however. Income from the sale of electricity increased 28% to 23.475 billion rubles while capacity sales dipped 2% to 7.115 billion rubles.

OGK-3's operating expenses for the nine months came to 31.179 billion rubles, or 28% higher than in the same period last year (variable expenses rose 36% and constant costs 10%. The company spent 0.6% more on fuel - 345.8 grams of standard fuel per 1 kWt hour of power produced. Total fuel costs came to 15.49 billion rubles for the entire period, up 36%.

OGK-3 ended the nine months with 40.977 billion rubles in deposits, up 9 million rubles from the start of the year. The company put funds spent earlier on non-core assets back into its investment account. Short-term accounts payable rose 31% to 2.225 billion rubles.

OGK-3's controlling shareholder is Norilsk Nickel with a 77.9% stake in the company's capital. The company includes the Pechora, Cherepetsk, Kharanor, Gusinoozersk, and Yuzhnouralsk State District Power Plants (GRES), with combined established generating capacity of 8,500 mWt.