MOSCOW, July 31 (RIA Novosti) - Russian wholesale power generating company OGK-1 said on Thursday its net profit calculated to Russian Accounting Standards declined 84% year-on-year, in January-June to 131.29 million rubles ($5.6 million).
OGK-1, Russia's largest heat generator with an installed capacity of 9,531 MW, said its net profit in the reporting period had declined due to a rapid growth in the price of fuel and expenditures on its investment program.
Gross revenues in the reporting period grew 16.2% to 24.65 billion rubles ($1.1 billion). Power generation grew 10.58% to 25.13 billion kW/hrs due to an increased demand for electrical power, OGK-1 said.
