18 February 2004 21:41
UES consolidated net profits down 25% (Part 2)
MOSCOW. Feb 18 (Interfax) - Russian power monopoly UES saw its consolidated IAS net profits shrink 25% year-on-year
in January- September 2003 to 16.6 billion rubles, the company said in a press release.
UES said its profits fell partly because the company had to pay deferred tax on profits resulting from a fixed asset
reappraisal dated January 1, 2002.
Consolidated core earnings soared 1,600% year-on-year to 37.2 billion rubles according to the audit, which was
performed by KPMG. Core revenue grew 23% to 419.8 billion rubles and core spending 12.5% to 382.6 billion rubles. UES
said costs rose mainly due to increased expenditures on fuel and electricity, which totaled 33.4 billion rubles in the
nine months.
Consolidated receivables increased 12% to 103.9 billion rubles due to advance payments to fuel and input suppliers
made during the reporting period. Payables, including advances from electricity users, grew 7.7% to 90.9 billion rubles,
because advances by users for electricity and heat supplies increased.
Consolidated assets were worth 1.081 trillion rubles on September 30, 2003 - 20 billion rubles more than at the start
of the year. These included 901 billion rubles in long-term assets and 180 billion rubles in current assets.
Cash flow from core activity soared 72% to 42.6 billion rubles in the nine months. UES said it spent 37.8 billion
rubles of its own money on investments - 14.7 billion rubles more than in the same period of 2002. [RU ASIA EUROPE EEU
EMRG ENR ELG RES CORA] pr <>
[Interfax] |
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