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ROSSETI earns net revenue of 31.54 billion roubles in year’s first half according to IFRS

ROSSETI earns net revenue of 31.54 billion roubles in year’s first half according to IFRS 29.08.2014

The adjusted net profit for the reporting period amounted to 38.1 billion roubles.

ROSSETI’s proceeds for the reporting period amounted to 379.5 billion roubles, which is 8.6% higher than the previous year.

This positive trend was the result of an increase in profits for providing electricity transmission services due to the increase in electricity rates effective from July 1, 2013.

The EBITDA indicator for the first six months of 2014 increased by 1.7 times up to 113.7 billion roubles.

ROSSETI’s First Deputy General Director for Finances Andrei Demin had the following comments on the results of the first half year 2014: “We are happy with our results for the first half of 2014. The company demonstrated strong growth in EBITDA indicators and net revenue due to an increase in our operational efficiency and higher rates of profit growth, which includes profits from power transmission, as compared with the increase in operational expenses. We see a positive effect from gradually implementing our strategy aimed at improving operational efficiency, gradually decreasing expenses and optimising our investment program. In the second half of the year, we will expend all of our efforts to further raise our profits and manage expenses while at the same time fulfilling all of our obligations under our approved investment program".


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