Rosseti Ural’s 6M2020 RAS net profit exceeded RUB 492 million

28 July 2020

6M2020 revenues totaled RUB 37,192.7 million (-RUB 16,690.9 million YoY).

A 31% reduction of revenues in 1H2020 stems from the fact that in 1H 2019 Rosseti Ural (new brand of OAO IDGC of Urals) acted temporarily as the provider of the last resort in the Sverdlovsk and Chelyabinsk regions in compliance with the federal legislation.

Pre-tax profit totaled RUB 515.9 million.

6M2020 net profit totaled RUB 492.5 million.

Table 1. 6M2019 and 2020 highlights of the Company, RUB thousand.

Item

6M2020

6M2019

Total revenues

37,192,660

53,883,605

Total expenses (plus commercial and administrative costs)

36,068,075

49,839,895

Sales profit

1,124,585

4,043,710

Operating margin

3.0%

7.5%

Pre-tax profit

515,861

2,407,395

Net income

492,457

1,949,536*

Net margin

1.3%

3.6%

* 6M2020 statements show retrospective adjustments of the 6M2019 net profit due to the revisions of PBU 18/02 “Recognition of income tax expenses”, enforced since 01.01.2020.

To view 6M2020 accounting statements prepared under Russian Accounting Standards (RAS), please, visit our corporate web-site (Financial Statements section).

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