Following the results of work in the first three months of 2019, Rosseti (LSE: RSTI) in accordance with Russian accounting standards received a net profit of over 40.1 billion rubles, thus almost doubling financial performance of the same period last year - 21.5 billion rubles.
Profit growth driven by the rising value of the shares of subsidiary companies of Rosseti that are on the Company's balance sheet, which in turn is associated with increased financial stability of subsidiaries and their capitalization.
The results obtained in the first quarter of 2019 indicate a stable financial status of the Company and accuracy of a chosen development strategy.
"Strong production and financial performance allowed us to demonstrate some of the best quarterly results in the company's history. Management will make every effort to improve the current positive trend to the benefit of shareholders and investors. In order to bring the company to a new level of operational efficiency, we will continue to develop the power grit on the basis of production and business processes digital transformation," Pavel Livinsky, Rosseti CEO, commented summarizing the results of the first quarter.
More details on financial and economic performance of Rosseti under RAS for the first quarter 2019 can be found in the corresponding section of the official site.