14 Aug 2009 14:00

Russia's Lenenergo boosts revenue 39% in H1

ST. PETERSBURG. Aug 14 (Interfax) - Russia's Lenenergo increased sales revenue 39.1% to 11.856 billion rubles in the first half of 2009 compared to the same period of 2008, the company said in a report.

Costs increased 18.5% to 9.782 billion rubles in the half, while operating profit soared 670% to 2.073 billion rubles.

Pre-tax profit totaled 1.706 billion rubles versus pre-tax losses of 79.051 billion rubles in the first half of 2008.

The company said earlier that net profit totaled 1.732 billion rubles in January-June compared to net losses of 294.993 billion rubles in the first six months of last year.

Lenenergo is the largest regional grid company in northwestern Russia. The company services an area of 87,100 square kilometers with a population of over 6 million people. The company's grid complex consists of 38,800 km of overhead power cables, 16,000 km of underground cables and over 13,800 substations.

IDGC Holding owns 50.31% of the company's shares, while the St. Petersburg administration owns 25.16%.