OGK-4 discloses its financial statements prepared in accordance with the Russian Accounting Standards (RAS) for the 1st quarter of 2008.
OGK-4’s revenues for the reporting period increased to 9,317.7 million rubles by 16.9%, compared with the 1st quarter of 2007. This increase in revenue is caused primarily by higher electricity tariffs. The Company’s expenses went up by 20.6% to 8,298.7 million rubles. Expenses rose due to higher fuel costs and higher expenses related to purchased electricity.
The Company’s sales profit declined by 6.4% to 1,018.9 million rubles, while its profit before tax grew by 43.4% to 1,446.9 million rubles.
OGK-4’s net income for the 1st quarter of 2008 amounted to 1,024.2 million rubles, a 41.4% increase over the comparable period of the last year. The Company’s net profit growth was caused by additional income from deposit allocation of the temporarily free cash raised in course of the capital increase and sale of additional shares in 2007.