But Russia's second largest regional power-generating company said Q1 profit had risen 680% on Q4 of last year, an increase it attributed to seasonal and other factors.
"Effective electric supply rose by 11.1% and thermal power supply by 19.5% under the influence of the seasonal factor in January-March in comparison with the fourth quarter of 2005. As a result, the company's sale proceeds increased by 25.4%," Irkutskenergo said, adding that the cost of goods sold had risen by 18.2%.
The company's net profit increased by 12.6% year-on-year in 2005 to $38.3 million.
The government holds a 40% stake in Irkutskenergo. Russian aluminum giants RusAl and SUAL (RTS ticker: SUAL) control about 50% of shares. Irkutskenergo controls 12 thermal power and three hydroelectric plants.
