1 Nov 2010 12:14

Mosenergo posts 2.2 bln rubles Q1-Q3 net profits, down 57% yoy

MOSCOW. Nov 1 (Interfax) - January-September net profits at Moscow power company OJSC Mosenergo (TGK-3) were down 57% year-on-year at 2.2 billion rubles from 5.1 billion, the company reported.

Factoring in Mosenergo's net profit for the first half of 2010 totalling 3.4 billion rubles, net losses for the third quarter came to 1.2 billion rubles. The company said that these losses had been driven by seasonal factors.

The company's losses for the third quarter were a year-on-year decrease of 4.4% from 1.255 billion in the same period of 2009.

Mosenergo is one of Russia's biggest gencos, whose electric power stations have combined established capacity of 12 gigawatts. Gazprom controls the genco, and the Moscow city administration holds a blocking stake in the company.