JSC Rushydro's net profit for 6m 2010 increased 13% in accordance with Russian Accounting Standarts , RusHydro
Release Date: 2010-08-01
According to results for the first six months of 2010, JSC RusHydro’s revenues increased 7.3%, reaching RUR 42,003.3 million – compared with RUR 39,150.4 million for the first six months of 2009. The driving factors behind the revenue growth include:- an increase in the share of sales at unregulated prices in accordance with the schedule for wholesale electricity and capacity market liberalization;
- growth in electricity prices on the free market (day-ahead-market);
- increased sales of electricity produced at the Zeyskaya HPP and the Bureyskaya HPP, including volumes produced above the balance sheet established by the FTS (the Federal Tariff Service);
- growth in electricity sales on the balancing market (which balances supply and demand in real time, where prices are generally higher).
The cost of goods, products, work and services sold for the first six months of 2010 totaled RUR 19,046.7 million, which represents a 10.6% increase compared to the first six months of 2009.
The main factor explaining the cost increase was higher volumes of electricity and capacity purchases on the free market to fulfill obligations under regulated agreements due to the accident at the Sayano-Shushenskaya HPP, specifically:
• an increase in costs to purchase electricity from RUR 2,230.7 million to RUR 3,808.0 million –a 70.7% increase, compared to the first six months of 2009;
• a RUR 167.7 million increase in costs for purchasing capacity, compared to the first six months of 2009.
JSC RusHydro’s gross profits for the reporting period increased 4.7%, compared to the first six months of 2009 and reached RUR 22,956.6 million.
JSC RusHydro’s other income for the reporting period reached RUR 49,148.8 million, compared to RUR 17,791.9 million for the same period of the previous year. The main factors behind the increase in other income included: actions aimed at the novation of the debt on promissory notes of JSC RusHydro’s subsidiaries and associates.
The Company’s EBITDA equaled RUR 26,970.3 million - a 3.6% increase, compared to the first six months of 2009.
JSC RusHydro’s net profit, in accordance with Russian Accounting Standards, increased 13% and reached RUR 20,728.9 million.
| Type: | NORMAL |
| Company: | RusHydro |
| Country: | Russian Federation |