RusHydro, Russia's largest hydropower company, said on Wednesday its net profit under International Financial Reporting Standards increased 140%, year-on-year, in January-June 2009 to 17.9 billion rubles ($817 million).
Operating revenue increased 14.5% in the reporting period to 56.9 billion rubles ($1.9 billion) and net income attributable to shareholders measured 17.4 billion rubles ($601 million).
As of June 30 this year, long-term loans equaled 20 billion rubles ($690 million) and short-term liabilities stood at 3.2 billion rubles ($110 million).
The company's financial results for the second half of the year are likely to be severely hit by the August 17 disaster involving its largest plant, the Sayano-Shushenskaya hydroelectric power station on the Yenisei River in Siberia, in which 75 people died. RusHydro will have to spend around $1.4 billion rebuilding the plant, but its total losses from the incident are expected to be far higher.
RusHydro is the world's second largest hydropower company with installed capacity of over 25 GW. It accounts for about 15% of the Russian electricity market. The Russian government holds a controlling stake.
MOSCOW, December 2 (RIA Novosti)
