MOSCOW, September 10 (RIA Novosti) - Mosenergo, Europe's largest heat generating company, said Monday its net losses calculated to IFRS dropped 26% to 502 million ($19.5 million) in the first half of 2007 year-on-year.
In the first six months of 2007 Mosenergo's operating expenses increased 0.6% to 39.5 billion rubles ($1.5 billion) and the company reported a 1.3% sales growth to 39.5 billion ($1.5 billion). The company's pre-tax losses increased in the reporting period by almost 23 times to 25 million rubles (about $974,300).
Mosenergo's net losses amounted to 679 million rubles ($26.5 million) in January-June 2006.
