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):
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.
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