OGK-2 genco boosts H1 IFRS earnings 8-fold
MOSCOW. Aug 31 (Interfax) - Gazprom's OGK-2 wholesale generating company boosted net profit to International Financial Reporting Standards (IFRS) more than 8-fold year-on-year in the first half of 2009 to 820.7 million rubles, the company said in an earnings report.
Sales revenue fell 7.7% year-on-year to 19.3 billion rubles, and operating costs fell 13.6% to 17.9 billion rubles.
Operating profit soared 11-fold to 1.3 billion rubles and profit before tax trebled to 1.1 billion rubles.
Financial income decreased more than 73% to 188 million rubles, and financial costs rose almost 1.5-fold to 423 million rubles.
Gazprom, the Russian gas giant, owns 54.9% of OGK-2, which controls the Pskov, Stavropol , Surgut-1, Troitsk and Serov state district power plants with combined capacity of 8,700 MW.