OREANDA-NEWS. March 17, 2010. Mosenergo: Key items of income statement, mn RUB.

 Indicator  2008   2009   2009/2008
 Revenue   94 779  112 227  +18.4%
 COGS   89 981  105 138  +16.8%
 Operating income   4 798  7 089  +47.7%
 Operating margin  5.1%   6.3%  +1.3 pp
 Net income   1372   4 509  +228.6%
 Net margin   1.4%  4.0%  +2.6 pp

In 2009 Mosenergo enjoyed revenue growth at 18.4% y-o-y, despite a 3.9% contraction in electricity generation. Revenue growth was fed by a rise in electricity and heat tariffs, an increase in productive heat supply from the company and proceeds from the sale of newly-installed capacity.

COGS, although showing an annual growth of 16.8%, still lagged behind revenue growth in the reporting period. The favorable numbers are linked to an increase in the company’s operating efficiency, achieved through substantial cuts in staff costs. Growth in COGS is primarily blamed on a rise in expenses beyond management’s control, including heat transportation costs and fuel prices.