MOSCOW, August 12 (RIA Novosti) - Moscow's electric producer Mosenergo said on Wednesday its net profit calculated to Russian Accounting Standards grew 350%, year-on-year, in January-June 2009 to 6.38 billion rubles ($198 million).
Mosenergo, which unites 17 electric power plants with an electrical power capacity of 10,600 MW and thermal generation capacity of 39,000 MW, said its net profit increased in the reporting period as "revenues grew faster than production costs as a result of effective cost control."
Mosenergo posted a net profit of over 1.1 billion rubles ($34 million) in the second quarter of 2009 and over 5.27 billion rubles ($164 million) in the first quarter of this year.
The company's revenues climbed 24% in January-June 2009, year-on-year, to 59.56 billion rubles ($1.8 billion) due to growth in electricity and thermal power tariffs and higher thermal power output, and also due to increased competitive pricing levels on the electric power wholesale market, Mosenergo said.
