21 Dec 2009 14:03

Mosenergo loses 163 mln rubles in 9 mths vs profit a year ago

MOSCOW. Dec 21 (Interfax) - Mosenergo (TGK-3) posted a net loss of 2.811 billion rubles in the third quarter of 2009 under IFRS, almost three times as large as the net loss of 966 million rubles in the same quarter last year, according to the company's unaudited financial statement.

Revenue in the third quarter rose barely 1% to 18.162 billion rubles from 18.014 billion rubles in 2008.

The operating loss in the quarter widened 130% to 2.574 billion rubles from 1.124 billion rubles in the same quarter last year.

The pretax loss increased 150% to 2.709 billion rubles from 1.062 billion rubles.

Mosenergo posted a loss of 163 million rubles in the first nine months of 2009 compared with a profit of 217 million rubles in the same period last year.

However, adjusted for changes in the fair value of investment assets and the sum of deferred profit tax, the company had a net profit of 1.064 billion rubles in the period, compared with an adjusted net profit of 267 million rubles in the same period of 2008.

Revenue in the nine months rose 17.8% to 77.851 billion rubles. The growth was the result of successful operations on the wholesale market, increases in regulated and free prices on electricity and capacity, higher tariffs for heat and the increasing liberalization of the market, the company said.

Sales of electricity and capacity, which increased 16.4% to 44.377 billion rubles in the period, accounted for 57% of revenue. Revenue from sale of heat increased 25.3% to 30.818 billion rubles.

The operating profit in the nine months amounted to 1.320 billion rubles compared with a loss of 148 million rubles in the same period last year.

Mosenergo is one of the biggest generating companies in Russia. Gazprom owns a controlling stake and the city of Moscow has a blocking stake.