27 May 2004 22:56
Ministry recommends UES pay profits into investment fund
MOSCOW. May 27 (Interfax) - The Russian Economic Development and Trade Ministry is recommending that above target
profits at Unified Energy System of Russia be used to expand the company's investment program, a source in the
ministry told Interfax.
"The indicators we have are in fact different from what was
planned. But there is nothing surprising in this. UES was able to
He said that in the draft of the UES annual report that was confirmed at a meeting of the company's board of
directors on May 21 net profit in 2003 amounted to 24.6 billion rubles, which is more than the 18.137 billion rubles
profit forecast by the ministry. He said that the Federal Tariffs Service sets the level of payments by UES subscribers,
taking company profits and investment into consideration. "When calculating the subscriber payments, company
profits are forecast," he said.
reduce costs and as a result increase its profit," the source said.
He said that the ministry does not plan to accuse UES of submitting deflated profit forecasts and initiate a
reduction in the subscriber payment for 2005 as result. "We will recommend that it [the above target profit] be
used to complete construction of UES plants and improve their infrastructure," the source said.
The UES subscriber payment for 2005 will be confirmed this summer. [RU EUROPE ASIA EEU EMRG ELG ENR RES] rd
[Interfax] |
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