MOSCOW, June 20 (RIA Novosti) - The Russian wholesale power generating company OGK-6 posted on Friday a net profit calculated to International Financial Reporting Standards (IFRS) of 1.5 billion rubles ($63.6 million) in 2007.
The company's revenues went up 23.3% year-on-year to 35.3 billion rubles ($1.5 billion). The increase followed a 12% rise in electricity sales to 28.9 billion rubles ($1.2 billion), which accounted for 81.7% of the company's revenues.
OGK-6 also reported a profit from operating performance of 2.9 billion rubles ($123 million). The bulk of expenses, which increased 12.9% year-on-year to 32.8 billion rubles ($1.4 billion) last year, went on fuel.
The power generator, which combines six hydropower plants with total installed capacity of 9,052 MW, earlier posted a 50.9% increase in net profit calculated to Russian Accounting Standards (RAS) year-on-year to 1.873 billion rubles ($78 million) in 2007.
