OREANDA-NEWS. September 02, 2011. IDGC of Center has released its interim unaudited statements for the six months in accordance with IFRS for the first time. The company's revenue over the same period of the last year grew by 19.2% to RUR 35.2 billion, including from electric power transmission – RUR 33.6 billion, from technological connection - about RUR 1.1 billion, and other revenue – RUR 452 million. Revenue from technological connection increased more than 2 times as compared to 1H 2010 due to the completion of major contracts for connection to the network of IDGC of Center, reported the press-centre of IDGC of Center.    

Operating profit of IDGC of Center for the reporting period amounted to RUR 5.8 billion, an increase as compared to the year-ago levels constituted 63.6%. Earnings before interest, taxes, depreciation and amortization (EBITDA) constituted RUR 8.6 billion, and demonstrated almost 50% increase over 1H 2010. Net profit increased by 63.7% and the figure itself reached RUR 3.8 billion. This significant increase is associated with the outstripping rate of revenue growth over the rate of cost growth, as well as a substantial revenue growth from technological connection.

Operating expenses for the 6 months of 2011 amounted to RUR 29.9 billion, that is 13.8% higher than in the same period of the last year.

The company's credit portfolio at a yearend totaled RUR 14.2 billion - for comparison, the value of the indicator as of December 31, 2010 constituted RUR 14.9 billion. The loan portfolio showed a reduction of 5%. Cash inflow from operating activities allowed financing capital investments in the first half of 2011 by own funds without attracting any borrowings. Net debt as of June 30, 2011 is equal to RUR 11.4 billion.

The company's management believes that the release of the interim financial results in accordance with IFRS will enhance corporate transparency of IDGC of Center, and will contribute to more informed decisions by the investment community on the basis of information provided. The company plans to continue to releasing interim data according to IFRS.

IFRS financial statements for the six months of 2011 and for prior periods are available on the company's web site at:
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