ZELENOGRAD, June 28 (RIA Novosti) - Unified Energy System (RTS: EESR) has more than doubled its market capitalization since its previous annual shareholders' meeting, a top executive of the Russian electric power monopoly said Wednesday.
The electric power utility is holding its annual shareholders' meeting Wednesday.
Alexander Voloshin, the chairman of the UES board of directors, said the company's market capitalization had risen from $12.8 billion to $29.85 billion.
Voloshin said structural reform of UES in the past few years had affected the company's financial indicators. Net profit declined 13% year on year in 2005 to 20.9 billion rubles (about $730 million), and revenues fell 18.5% to 28.1 billion rubles (about $982 million).
At the same time, electricity sales grew 14.1% and thermal power sales 17% in the reporting period, Voloshin said.
He said the completion of reforms while observing the interests of all shareholders must be a priority task for the company's board of directors in the next reporting period.
