OREANDA-NEWS. July 05, 2010. OJSC OGK-2 represents non-audited intermediated consolidated financial statements for 3 months of 2010, finished on 31 March, 2010, and prepared according to the International Financial Reporting Standards (IFRS).

The Company’s revenue for the 1st quarter of 2010 has increased by 49% as compared to the same period of 2009, up to 14 682 million rubles. This includes electric power and capacity sales revenue over the results of 3 months, 2010, amounted to 14 278 million rubles that is 50% in excess of performance for the similar period of 2009 (9 505 million rubles). Heating energy sales revenue has increased by 15% and amounted to 365 million rubles. Revenue increase is due to liberalization of Wholesale Market for Electricity and Power and, therefore, to the increase of energy and power sales following the results of competitive procedure and under free bilateral agreements, as well as the increase of average weighted price for electricity and power realization under free agreements. Operational expenses have increased up to 12 638 million rubles (by 40%), in particular, due to fuel expenses increase.

Income before tax has increased 2.8 times, up to 1 869 million rubles, and profit for period (net profit) amounted to 1 472 million rubles, which is 3.2 times more than that for similar period of  2009.

 

For 3 months finished

by 31 March, 2010

(million rubles)

For 3 months finished

by 31 March, 2009

(million rubles)

Revenue

14 682

9 848

Electricity and power

14 278

9 505

Heating energy

365

317

Miscellaneous realization

39

26

Expenses on current activity

12 638

9 009

Income before tax

1 869

668

Profit from current activity

1 970

799

Profit for period (net profit)

1 472

459