1H2019 RAS results

30 July 2019

1H2019 revenues totaled RUB 53,883.6 million (+RUB 16,027.6 million or 42.3%YoY), the increase being driven by the Company’s operations as the provider of the last resort in the Sverdlovsk and Chelyabinsk regions from 01.04.2018 (former service area of AO Roskommunenergo), 01.07.2018 (former service area of PAO Chelyabenergosbyt) and 01.08.2018 (former service area of NUESK), respectively.

1H2019 expenses (plus commercial and administrative costs) amounted to RUB 49,839.9 million (+RUB 16,395.1 million or 49.0% YoY), the rise being mainly affected by PoLR-related costs as well as increased payments to grid operators.

Pre-tax profit totaled RUB 2,407.4 million (+RUB 2,868.0 million YoY).

1H2019 net profit of the Company reached RUB 1,915.7 million. A RUB 2,263.7 YoY increase was impacted by the bad debt reserves created in 1H2018 to cover the debt of AO Roskommunenergo, PAO Chelyabenergosbyt and OOO NUESK, as they were deprived of their PoLR status by the Ministry of Energy’s decrees.

Table 1. 1H2018 and 2019 highlights of the Company, RUB thousand.

Item

1H2019

1H2018

Total revenues

53,883,605

37,855,982

Total expenses (plus commercial and administrative costs)

49,839,895

33,444,819

Sales profit

4,043,710

4,411,163

Operating margin

7.5%

11.7%

Pre-tax profit

2,407,395

-460,616

Net income

1,915,737

-347,983

Net margin

3.6%

-0.9%

To view 1H2019 accounting statements prepared under Russian Accounting Standards (RAS), please, visit our corporate web-site (Financial Statements section).

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