MOSCOW, May 6 (RIA Novosti) - Russian wholesale power-generating company OGK-5 said on Tuesday its net profit calculated to International Financial Reporting Standards declined more than 38%, year-on-year, in 2007 to 1.995 billion rubles ($84.5 million).
OGK-5, which includes four thermal power plants with a total capacity of about 8,700 megawatts, said its net profit of 3.218 billion rubles ($136 million) posted in 2006 was due to the recognition of a deferred tax asset and was not backed by real cash flows.
"The company's real profit for 2007 grew by 2.054 billion rubles ($87 million)," OGK-5 said.
