Inter RAO posts 282-mln-euro loss for 2009

Release Date: 2010-07-30

Russian energy company Inter RAO has posted a 2009 net loss of 282 million euros to IFRS, a sharp fall from the 86.9 million euros net profit of the previous year.

EBITDA was also down 17% to 250 million euros, with revenues sliding 7.7% year-on-year to 1.5 billion euros in 2009.

Sales revenues were down due to a drop in demand and the sales price for electricity, which came as a result of a slower economic activity, according to the company.

Inter RAO blamed the ruble's volatility against both the euro and U.S. dollar for the poor results, as well as "paper" losses from the devaluation of major assets and an inability to complete construction projects worth 384 million euro. Increasing interest expenditures also bit into the company's profits.

Inter RAO is a leading exporter and importer of electric power in Russia.

Source: RIA Novosti

Type:

NORMAL