Mosenergo now expects 62% earnings growth, double EBITDA in 2009
MOSCOW. Oct 8 (Interfax) - Mosenergo now expects net profit to International Financial Reporting Standards (IFRS) to soar 61.8% this year as a whole to 3.325 billion rubles and earnings before taxes, depreciation and amortization (EBITDA) to more than double to 17.625 billion rubles, the generating ompany said in materials, seen by Interfax.
Net profit to IFRS was 2.055 billion rubles and EBITDA was 8.34 billion rubles in 2008.
Mosenergo earlier expected net profit to fall 19% to 1.674 billion rubles and EBITDA to grow 60% to 13.384 billion rubles.
Mosenergo also expects sales revenue to grow 19% this year to 113.018 billion rubles. It earlier forecast 11% growth to 105.652 billion rubles in 2009, from 94.819 billion rubles in 2008.
Operating costs this year are expected to rise 13% to 107.953 billion rubles, from 95.53 billion rubles in 2008.
The EBITDA margin should rise by 6.9 pp to 15.7%, and the net income margin by 0.7 pp to 2.9%.
Debt/EBITDA could fall 1.45 pp to 1.27%.
Mosenergo, controlled by Gazprom , is one of Russia's biggest generating companies, with 17 power plants and combined capacity of approximately 12 gigawatts.