MOSCOW. July 26 (Interfax) - OJSC Moscow United Electric Grid Company (MOESK) increased its net profit according to Russian accounting standards (RAS) by 50% year-on-year to 6.8 billion rubles in the first half of 2010, MOESK said in a statement.
The statement said that net profit came to 4.68 billion rubles in the second quarter, up 120% from the first quarter owning to an increase in sales revenue coming to 0.34% and a drop in production costs of 12.95%, the statement said.
MOESK distributes electricity in Moscow and the Moscow region. It is controlled by the state-run OJSC IDGC Holding.