TGC-1 RAS results for 1Q2011

17.05.2011

TGC-1 releases its financial RAS results for 1Q 2011.

Company’s revenue increased by 21.9% compared to the same period of 2010 and totaled RUB 19,516 mn. The revenue from electricity and capacity sales was up 38.5% to RUB 10,827 mn, revenue from heat sales – 7.1% to RUR 8,640 mn. The increase in electricity and capacity sales is explained by liberalization of the sector, and implementation of TGC-1 investment program.

CoGS were up 19.8% and totaled RUB 14,726 mn. This was mainly due to higher costs to purchased electricity and capacity resulting from changes of wholesale market regulations, as well as higher costs to heat distribution on the back of change of heat sales scheme and also due to increase in depreciation as a result of commissioning of new facilities.

Thus, operating profit of TGC-1 in January - March 2011 was RUB 4,791 mn (+28.9%), while net profit increased 46.6% to RUB 4,173 mn.

The table below summarizes the key RAS financials in 1Q 2010-2011 (RUB mn):

 

9M2010

9M2009

Chg (%)

Sales

16,012.3

19,516.2

21.9

CoGS

(12,295.0)

(14,725.7)

19.8

Operating profit

3,717.2

4,790.5

28.9

Pre-tax profit

3,552.7

4,582.4

29.0

Net profit

2,847.1

4,172.5

46.6

Total assets

96,458.8

112,011.6

16.1

Please see the full interim report for the 1Q 2011.