Date: 6 days ago   Category: Energy

The TGC-1 has increased net profit in nine months by 26,3% — to 8,6 billion rubles — Rambler News Service


The energy company TGC-1 has increased net profit according to the International Financial Reporting Standards (IFRS) in January-September, 2018 by 26,3% in comparison with an indicator of the same period of last year — to 8,548 billion rubles, the company reports. The revenue of TGC-1 has grown for the reporting period by 5,5% and has made 63,494 billion rubles. The company explains growth of total sales with growth of sales volume of the electric power in the market for the days ahead, increase in income from realization of power on the projects entered within contracts on granting the power (PDM), growth of proceeds from a heat power holiday owing to cold climatic conditions in the first quarter and also growth of export electrical supplies in connection with favorable market conditions in the Nord Pool market. Operating expenses of the company in nine months 2018 have made 53,146 billion rubles that there is higher than the level of same period of last year for 5,7%. Increase in this indicator has taken place generally due to increase in expenses on fuel because of growth of power production at combined heat and power plant in the first quarter 2018. Operating profit of TGC-1 has increased for 4,7% — up to 10,348 billion rubles. The indicator of EBITDA has increased by 1% in comparison with value for the same period of 2017 and has made 16,202 billion rubles. Profit before the taxation has made 9,902 billion rubles against 8,799 billion rubles for the same period the previous year (growth by 12,5%). The TGC-1 is engaged in production of electric and thermal energy, unites 53 power plants in four subjects of Russia: St. Petersburg, Republic of Karelia, Leningrad and Murmansk regions. The established electric power of TGC-1 is 6,95 GW, thermal — 13,65 thousand Gcal/hour. A majority shareholder of the company is Gazprom energoholding from 51,8% of stocks, Fortum Power and Heat Oy possesses 29,45%.

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