JSC TGC-1 publishes its Accounting Statements for the first half of 2011 under Russian Accounting Standards (RAS)

JSC TGC-1 publishes its Accounting Statements for the first half of 2011 prepared under Russian Accounting Standards.

The Company’s revenue in the review period equals 32 555.5 mln RUB and exceeds the identical index for the last year by 29 %. At that, incomes from selling electricity and capacity at home market were fixed in amount 19 038.8 mln RUB, which is almost 50 % higher than the previous year results. The incomes from electricity export increased by 20.8 % and reached 1 184.9 mln RUB. Revenues from selling heat equaled 12 217.5 mln RUB, outrunning the indexes of last year by 10.2 %

Production cost of JSC TGC-1 grew by 27.8 % to 26 787.4 mln RUB. The growth was caused by the additional expenses on fuel due to increasing of heat output from CHPs by 15%. Moreover, the increased volume of electricity purchases for the purpose of executing free bilateral treaties also affected the increase of production cost.

The Company’s net profit improved by 62.9% up to 4 674 mln RUB.

“The commissioning of new steam-gas generating units at Pervomayskaya CHP and Yuzhnaya CHP plants allowed compensating the decrease of incomes from the compulsory generation agreements. These tariffs were reduced from April 2011”, — said the General Director of JSC TGC-1 Andrey Filippov.

Consolidated Report on the Accounting Results of 1^st half of 2011 is given in the table below:

For more detailed results of operations of JSC TGC-1 under RAS for the 1^st half of 2011 please see the “Reports” section of the Company’s corporate web site.