Publication date: 02.11.07
Back to list

OGK-4 Net Profit as per RAS for Q3 2007 Amounts for 384.4 Million Rubles

The net profit of Fourth Generation Company of the Wholesale Electricity Market  (OGK-4) in accordance with the Russian Accounting Standards (RAS) for the third quarter of 2007 is 384.4 million rubles, 48.9% increase compared to the net profit for Q2 2007 (258.2 million rubles). The growth in the net profit is reported by the Company to be due to the increased share of the liberalized wholesale electricity market as of July 1, 2007, which enabled OGK-4 to gain additional benefit as opposed to the prices of the regulated market.

The value of OGK-4's assets was 26.292 billion rubles as at September 30, 2007, which is 11.3% up on the asset value as at June 30, 2007. The increase in the Company's asset value is connected with higher receivables resulting from the advance payments made under the EPC contracts for the construction of new power units at Surgutskaya GRES-2 and Shaturskaya GRES.