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.
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