Rosseti Group of Companies has doubled financial results over the first half of 2016 according to IFRS as compared to the first half of 2015 thanks to effective management of electrical grid assets, implementing efficiency programs and cutting costs.
Net profits amounted to RUB 53.8 bln.
Establishing economically justified rates for a number of constituent regions, and cutting costs has helped to increase operating revenues by 76.4%, EBITDA by 25.2%, and decrease debt load by 6.3%.
Commenting on the results of the first half of 2016, Deputy General Director for Economics of Rosseti PJSC Oksana Shatokhina said:
“We have been working hard on assuring financial stability of affiliated companies and controlling the payment history of contractors, and this helped us deliver good reporting results for the six months of 2016. Before the end of this year the companies of the Group plan to continue the positive dynamics of payability and profitability of our activities.
For more information on short-form intermediate financial reporting for six months that ended on June 30, 2016, follow this link.