2 Nov 2009 12:30

Federal Grid Co boosts net profit 76% to 12.56 bln rubles in 9 mths

MOSCOW. Nov 2 (Interfax) - Federal Grid Company boosted net profit 76% in January-September 2009 year-on-year to 12.56 billion rubles, the company said in a statement.

Net profit in the third quarter amounted to 3.96 billion rubles, 13.8% lower than the profit in the second quarter.

FGC said the decline was due to the increase in planned operating expenses in the third quarter.

FGC posted a net profit of 8.6 billion rubles in the first half of 2009, 250% higher than the profit in the same period last year.

State-owned FGC includes backbone electricity grids and substations.