MOEK posts over 3 bln rubles in IFRS net losses for 2008
MOSCOW. Oct 6 (Interfax) - Moscow United Energy Company (MOEK) posted 3.144 billion rubles in net IFRS losses for 2008, the company said in its materials.
In 2007, the company's profit came to 711 million rubles.
The company's revenue in the period came to 47.806 billion rubles, increasing by 23% from 38.766 billion rubles a year previously.
MOEK posted losses from operations coming to 2.261 billion rubles against profit of 306 million rubles in 2007. In addition, the company posted 3.355 billion rubles in pretax profit against 1.021 billion rubles in profit a year previous.
MOEK's financial revenue in 2008 shrank from 402 million rubles in 2007 to 14 million rubles. The company's financial expenditures increased from 410 million rubles to 1.862 billion rubles.
The Moscow government has subsidized the difference in heat costs for household and commercial consumers. Subsidies in 2008 increased by 10.5% to 10.071 billion rubles (around 21% of the company's revenue for the year).
MOEK is an energy supply company in the Moscow area.