printable version

RusHydro delivers 26 % net profit growth in 1Q2010

JSC RusHydro (ticker symbol HYDR; LSE, RTS, MICEX) announces today its unaudited financial results for the first quarter of 2010 in accordance with the Russian Accounting Standards.

1Q2010 Financial Highlights (million RUR):

  1Q2010 1Q2009 changes, %
Revenue 20,216.8 19,273.7 5 %
Cost of goods and services sold 9,311.7 8,212.5 13 %
Gross profit 10,905.2 11,061.2 -1 %
Profit before tax 14,035.0 11,336.0 24 %
Net profit 11,083.9 8,781.5 26 %

According to the results for the first quarter 2010 the revenue from the sale of goods and services increased by 5 % to 20,216.8 million roubles, compared to 19,273.7 million roubles in the first quarter of 2009. The main factors behind the revenue growth in 1Q 2010 were:

∙ increase in the share of sales at unregulated prices in accordance with the time schedule for liberalization of the wholesale market for electricity and capacity;

∙ increase in overall energy consumption in Russia;

∙ increased electricity prices on a free market due to cold winter.

Cost of goods and services sold (COGS) amounted to 9,311.7 million roubles in 1Q2010, a 13 % increase compared to the same period last year. The main factor behind the growth in COGS was the increase of total volume of purchased electricity on the day-ahead and balancing markets for the purpose of fulfilling the obligations under existed agreements due to accident on the Sayano-Shushenskaya HPP.

Gross profit in the first quarter of 2010 decreased by 1 %, compared to the same period last year and amounted to 10,905.2 million roubles.

Company's net profit in accordance with the Russian Accounting Standards grew by 26 % to 11,083.9 million roubles. The main reason for the net profit growth was additional recognition of insurance compensation under the property insurance contract.

Your application has been accepted. The answer will be prepared and sent within 20 calendar days. ok