OGK-2 posts 314 mln rubles in net profit for Q3
MOSCOW. Oct 30 (Interfax) - OJSC OGK-2's net profit according to Russian accounting standards (RAS) in the third quarter of 2009 came to 314 million rubles against 197 million rubles in net losses posted in the same period of 2008, the genco said in its materials.
In comparison with the second quarter, net profit shrank by 32% from 462 million rubles.
The third quarter decrease in net profit was the result of production costs increasing faster (at 3.81%) than revenue growth (3.03%). The increase in expenditures was the result of rising electricity purchases, the prices of which also went up, as well as repairs at the genco's subsidiaries in time for the autumn-winter city.
The genco's net profit for the first nine months of 2009 came to 1.36 billion rubles against 219 million rubles. The genco's revenue dropped by 3% year-on-year to 25.145 billion rubles.
OGK-2 includes the Troitskaya, Stavropolskaya, Pskovskaya and Serovskaya state district electric stations (GRES) and Surgut GRES-1, with combined capacity of 8,700 MW. Gazprom owns a 54.9% stake in the company.