Russia's power generator OGK-4 posts $207 mln net profit in 2006

MOSCOW, July 11 (RIA Novosti) - Russian wholesale generating company OGK-4, established during the restructuring of Russia's electric power sector, said Wednesday its net profit, calculated to International Financial Reporting Standards (IFRS), totaled 5.33 billion rubles ($207 million) in 2006.

OGK-4, which operates five power generation plants across Russia, said its 2005 net profit stood at 162 million rubles (about $6 million), but that it would be incorrect to compare the figures for the past two years, as high profit for 2006 was due to adjusted loss from fixed asset depreciation.

OGK-4, with total installed generation capacity of 8,630 MW, said its revenues in the reporting period climbed 20.5%, to 26.1 billion rubles (about $1.01 billion).

The company's fixed assets grew 31.4%, year-on-year, in 2006 to 24.2 billion rubles (about $938 million), and the value of its aggregate assets went up 26.1% to 29.2 billion rubles (about $1.1 billion), OGK-4 said.

The company's short-term payables decreased 3.6% in the reporting period to 2.6 billion rubles (about $101 million), OGK-4 said.

Russia's electricity monopoly Unified Energy System (UES) holds an 89.6% stake in OGK-4, and minority shareholders own 10.4% of the company's equity.