MOSCOW, December 27 (RIA Novosti) - Unified Energy System of Russia (UES) said Thursday its net profit calculated to International Financial Reporting Standards decreased 31%, year on year, in January-June 2007, to 18.7 billion rubles ($757 million).
"Net profit decreased due to an additionally charged deferred tax on income from the sale or the planned sale of government stakes in thermal power generating companies (wholesale generating companies and territorial generating companies) held by UES," the electricity monopoly said in a statement.
Proceeds from the sale of government stakes will go to finance the investment programs of the Federal Grid Company and the Hydropower Company, the statement said.
