1H2018 RAS results

27 July 2018

1H2018 revenues totaled RUB 37,856.0 million (+RUB 2,996.9 million or 8.6%YoY), the increase being impacted by grown revenues from electricity transmission as well as revenues from sales, as the company became a provider of the last resort in the Sverdlovsk region on 01.04.2018.
1H2018 expenses (plus commercial and administrative costs) amounted to RUB 33,444.8 million (+ RUB 1,878.2 million or 6.0% YoY), the rise being affected by increased payments to FSK and other grid operators as well as costs related to the purchase of electricity for sale.
1H2018 loss of the Company reached RUB 348.0 million. A RUB 3,360.5 million YoY decrease was due to the bad debt reserve created to cover the debt of AO Roskommunenergo and PAO Chelyabenergosbyt, as they ceased to be providers of the last resort in line with Ministry of Energy Decrees No.180 dd. 23.03.2018 and 37/10 dd.29.06.2018.

Table 1. 1H2017 and 2018 highlights of the Company, RUB thousand.

Item

1H2018

1H2017

Total revenues

37,855,982

34,859,125

Total expenses (plus commercial and administrative costs)

33,444,819

31,566,660

Sales profit

4,411,163

3,292,465

Operating margin

11.7%

9.4%

Pre-tax profit (loss)

-460,616

3,831,426

Net income (loss)

-347,983

3,012,486

Net margin

-0.9%

8.6%

To view 1H2018 accounting statements prepared under Russian Accounting Standards (RAS), please, visit our corporate web-site (Financial Statements section).

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