21 Jun 2010 11:49

IDGC Holding

MOSCOW. June 21 (Interfax) - OJSC IDGC Holding's IFRS net profit went up by 10% to 21.75 billion rubles, the company said in a statement.

The company's consolidated revenue went up by 16.3% to 459.047 billion rubles while operational expenditures increased by 13.1% to 415.84 billion rubles. EBITDA went up by 24% to 86.129 billion rubles.

The improvement in the company's financial results had been driven by increasing tariffs for electricity transmission, up 22% since the start of 2009. The holding's sales revenue from electricity transfer went up by 21% in 2009 to 395.077 billion rubles.

The increase in this result had been accompanied by a decrease in commercial output, down 5% in 2009, as well as a drop in revenue from technical connections, down 14% (by 4.811 billion rubles).

This development had been the result of decreasing electricity consumption by major industrial enterprises and declining capacity demand.

In addition, the holding's financial expenses had been driven by increasing payments on loan interest, up 54% in 2009 to 6.754 billion rubles.

IDGC Holding's accounts receivable went by 5.2 billion rubles debt on loans and other borrowing increased by 6% (8.536 billion rubles).