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Kuzbassenergosbyt Increases Net Profit by 62% in 1st Half-year Period

The net profit of OAO Kuzbassenergosbyt according to the Russian Accounting Standards in the first half-year period rose by 62.1% against the same period of 2010 – to 218.87 million rubles, this follows from the company’s report.

At the same time it is noted that in the second half-year period of this year the company received a net loss in the amount of 76.27 million rubles against the net profit of 26.89 million rubles in the second half-year period of the last year.

The profit from selling marketable produce, works and services in the reported period decreased by 1.6% — to 8.66 billion rubles, the production cost fell by 8.1% — to 4.48 billion rubles. The gross profit rose by 6.4% to 4.18 billion rubles, the sales profit increased by 33.3% — tp 384.53 billion rubles.

It is explained that the profit from selling marketable produce, works and services of Kuzbassenergosyt is formed based on the sales volume of electrical energy in kWt/h and the tariff which is fixed once a year and is approved of by the Regional Energy Commission.

Due to the obtained net profit the net asset value of the company in the first half-year period increased against the same period of the last year by 29,3% (by 293.81 million rubles) – to 1.3 billion rubles.

The largest shareholders of the company are OOO Mechel Energo (72.03%), OAO Siberian Coal Energy Company (25%).

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