14 Sep 2010 11:11

OGK-1 genco sees H1 IFRS earnings plummet 40% to 1 bln rubles on FX losses

MOSCOW. Sept 14 (Interfax) - Russia's OGK-1 generating company saw its net profit to International Financial Reporting Standards (IFRS) plummet 40% in H1 2010 to 980 million rubles from 2.4 billion rubles in the same period of last year, the genco said in a statement.

OGK-1, which is run by Inter RAO , said financial costs of 1.1 billion rubles arising from exchange-rate losses from forex-denominated asset and liability reappraisals - chiefly funds received in euros from oil producer TNK-BP to pay for a new share issue by the Nizhnevartovsk GRES power plant - drove the decrease in earnings.