Date: 4 weeks ago   Category: Energy

The net profit of FGC according to IFRS in the I quarter grew by a third — Rambler News Service


The FGC UES energy company increased net profit according to the International Financial Reporting Standards (IFRS) in January-March, 2019 by 35.2% in comparison with an indicator for the same period of last year — to 27.438 billion rubles, follows from the reporting. The net profit of the company in the I quarter 2018 was 20.962 billion rubles. The revenue of the company for the reporting period was reduced by 5.2% and was 57.517 billion rubles. Revenue for services in power transmission was 56.1 billion rubles that is 6% higher than an indicator of the first quarter of last year. Proceeds from sales of the electric power were 500 million rubles (3.3 billion rubles less than an indicator of last year) that is explained by decrease in volumes of realization of the electric power by subsidiary of FGC UES. Operating expenses of the company were reduced by 8.1% — up to 34.893 billion rubles. Profit before taxation grew by 45.9% and reached 37.165 billion rubles. At the same time the corrected net profit of the company (without results of the transaction from exchange of assets with DVEUK and decrease in the outputs and realization of the electric power and also works on contract contracts) was 20.3 billion rubles, having remained at the level of the same period of last year. The corrected indicator of EBITDA increased by 4.8% and made 36.9 billion rubles.

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