RusHydro boosts net profit by 110% in 9 mths
MOSCOW. Oct 30 (Interfax) - OJSC RusHydro increased its net profit by 110% year-on-year in the first nine months of 2009 to 25.85 billion rubles, the company said in a statement.
At the end of the third quarter of 2009, RusHydro's net profit came to 7.5 billion rubles.
Following the accident at Sayano-Shushenskaya HPP, the company's net profit fell in the third quarter by 21.64% in comparison with the second quarter.
According to RusHydro's financial reporting for the first nine months of 2009, writeoffs for property unfit for repair at the HPP came to 900 million rubles.
"Owing to the difficulty of making an assessment of the property that was damaged in the accident, the [total] write-offs will be included in the financial report for 2009," RusHydro said.
According to the company's earlier calculations, losses from the partial write-off of liquidated property following the accident but not included in the financial findings for January-September 2009 will come to 3.5 billion rubles.
The company said that sales revenue in January-September increased by 29% to 59.698 billion rubles owing to an increase in commercial output by 11% year-on-year and the rising cost of electricity and capacity, as well as growth in tariffs.
Production costs dropped by 7.6% to 26.405 billion rubles. The decrease in was result in more liberalized output, and, as a consequence, decreased electricity buying on the day-ahead market.
The company's gross profit went up by 90% to 32.294 billion rubles.
The accident at Sayano-Shushenskaya HPP claimed the lives of 75 people. Nine out the ten hydroelectric generators at the station were destroyed. The restoration of the plant will likely take five years and cost around 40 billion rubles.