8 Oct 2009 17:14

Lenenergo reduces investment program for 2009 by 5%

ST. PETERSBURG. Oct 8 (Interfax) - OJSC Lenenergo's board of directors, at a meeting on Thursday, approved an adjusted investment program for 2009, the company said in a statement.

Lenenergo told Interfax that the new investment program was approved at 10.59 billion rubles. Previously, it stood at 11.189 billion rubles. Therefore, the program has been reduced by 5.4%.

The statement said that the board also approved the company's adjusted business plan for 2009, as well as efforts to lower accounts receivable. In addition, the board approved the signing of three agreements to raise 3 billion rubles in financial investment in the fourth quarter. It was earlier reported that Lenenergo would raise these loans from Svyaz-Bank and VTB Northwest .

A representative of Lenenergo said that the RAS net profit for 2009 in the business plan is forecast at 2.2 billion rubles, revenue - 26 billion rubles and EBITDA- 6.7 billion rubles. The company's previous business plan, which was approved in February, forecast net profit and revenue at 1.728 billion rubles and 26.466 billion rubles, respectively.

Lenenergo's RAS net profit in 2008 came to 1.54 billion rubles. Therefore, this figure could increase by 43% for this year.