NEWS & EVENTS: Breaking News
03.07.2009 10:01
July 3. OGK-1’s net profit under IFRS rose 5.4x y-o-y to RUB 2.03 bn in 1Q 2009, the power utility reported. OGK-1’s revenue in 1Q dropped 12.8% to RUB 11.87 bn. The company primarily attributes weaker revenue to lower output at power plants, down nearly 16%, due to a decline in consumption in the regions of the company’s operations. “A rise in net profit is attributable to the economic effect from implementation of a comprehensive set of anti-crisis measures and a gradual gas tariff hike (on a quarterly basis), rather than one-off hikes in the previous years with simultaneous indexation (as of January 1, 2009) of electricity and heat supply tariff”, OGK-1 says in a press release.
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