5 Aug 2009 13:29

RusHydro to publish IFRS results for H1 in late Nov

MOSCOW. Aug 5 (Interfax) - RusHydro plans to publish results to International Financial Reporting Standards (IFRS) for the first half of 2009 on November 30, 2009 the company told Interfax.

RusHydro prepares IFRS accounts semiannually.

The hydroelectric holding posted a net loss of 19.48 billion rubles in 2008 under IFRS compared with a net profit of 16.45 billion rubles under Russian accounting standards (RAS). It had an IFRS net profit of 6.9 billion rubles in the first half of 2008 (7.96 billion rubles under RAS)

RusHydro published RAS results for the first half of 2009 this week. Net profit rose 130% year-on-year to 18.35 billion rubles and revenue was up 33% to 39.15 billion rubles. Costs declined 5.86% to 17.23 billion rubles. Pretax profit more than doubled to 23.58 billion rubles.

RusHydro is Russia's largest hydroelectric company, with over 25,000 megawatts of capacity. The state owns 61.93% of shares.