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UES posts 15.5% rise in 2005 consolidated earnings

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MOSCOW, June 8 (RIA Novosti) - Unified Energy System (RTS: EESR) said Thursday its consolidated earnings calculated to Russian Accounting Standards rose 15.5%, year-on-year, in 2005 to 785.65 billion rubles (about $27.5 billion).

Russia's electric power monopoly said its revenues rose 14.1% to 587.82 billion rubles (about $20.5 billion) from the sale of electricity, 17% to 134.56 billion rubles (about $4.7 billion) from the sale of thermal power and 56.8% to 14.26 billion rubles (about $498 million) from the provision of electricity grid services.

UES attributed its earnings growth to increased output and electricity tariff regulation.

Pre-tax profit rose 3.9% to 69.36 billion rubles (about $2.4 billion) in the reporting period.

UES earlier reported its RAS consolidated net profit had grown 11.6% in 2005, year-on-year, to 52.86 billion rubles (about $1.8 billion).

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