MOSCOW, May 5 (RIA Novosti) - Russian wholesale power generating company OGK-1 said on Monday its net profit calculated to International Financial Reporting Standards declined 67%, year-on-year, in 2007 to 1.966 billion rubles ($83 million).
OGK-1, Russia's largest heat generator with installed capacity of 9,531 MWt, posted net profits of 5.97 billion rubles ($253 million) in 2006 due to the reversal of impairment loss, whereas a similar operation in 2007 was not conducted, the company said.
OGK-1's revenues increased 50%, year-on-year, in 2007 to 44.891 billion rubles ($1.9 billion), with operating profit reaching 2.965 billion rubles ($125 million) and pre-tax profit 2.748 billion rubles ($116 million), the company said.
