MOSCOW, April 30 (RIA Novosti) - Moscow's electric power utility Mosenergo [RTS: MSNG] said on Wednesday its net income calculated to International Financial Reporting Standards (IFRS) declined 90.3% year-on-year in 2007 to 837 million ($35 million).
Mosenergo, Russia's largest territorial generating company supplying 80% of Moscow's heating requirements and 85% of power demand in the capital and the Moscow Region, said net profit declined from 2006, when the power utility posted an IFRS net income of $65 million after the release of provisions for fixed asset devaluation.
Revenues in the reporting period climbed 16% to 78.598 billion rubles ($3.3 billion) and income from financial investments grew 2,250% to 1.483 billion rubles ($63 million) while pre-tax profit declined 88% to 1.494 billion rubles ($63.3 million), Mosenergo said.
Mosenergo unites 17 electric power plants with electric power capacity of 10,600 MW and thermal generation capacity of 39,000 MW.
