17 Jul 2009 11:02

Mosenergo net profit more than doubles to 4.7 bln rubles in Q1

MOSCOW. July 17 (Interfax) - Mosenergo posted a net profit of 4.691 billion rubles in the first quarter of 2009 under International Financial Reporting Standards (IFRS), more than double the profit in the same period last year, the company said in materials.

Revenue in the first three months of the year rose 22% to 37.903 billion rubles.

Pretax profit was also up over 100% to 5.961 billion rubles.

Financial earnings fell 24% to 371 million rubles while financial expenses increased to 729 million rubles.

Revenue growth was mainly the result of higher output of useful heat and higher tariffs on electricity and heat, the genco said in a press release.

Expenses increased at a slower pace than revenue, primarily because the fuel bill rose just 5% compared with the same period last year. The profit increase was due to effective control over other operating expenses.

Mosenergo's power plants produced 18.996 billion kWh of electricity in the three months, 3.1% less than in the same period last year. Output was lower on weaker demand.

Heat output totaled 28.37 million Gcal, 5% more than in the same period last year, reflecting lower temperatures during the latest heating season.

Gazprom has a controlling stake in Mosenergo and the city of Moscow holds a blocking stake. Mosenergo is one of the biggest gencos in Russia with installed capacity of roughly 12,000 megawatts.