TGC-1 increased RAS net profit by 25.6% in Q1 2019
TGC-1 published its 3 months 2019 financial statements under the Russian Accounting Standards (RAS).
Statement of financial performance (mln RUB) | 3M 2018 | 3M 2019 |
|---|---|---|
Revenue | 27,691.8 | 29,689.8 |
Costs | (22,285.3) | (23,138.8) |
Gross profit | 5,406.5 | 6,550.9 |
EBITDA* | 7,692.8 | 9,146.8 |
Net profit | 4,620.5 | 5,804.6 |
* EBITDA = profit before taxation – interest receivable + interest payable – revenue from participation in other companies + depreciation & amortization.
The Company's revenue totalled RUB 29 billion 689.8 million, which is 7.2% higher than for the same period in 2018. The revenue growth was influenced by factors such as growing electricity sales volume at the day-ahead market on the account of increasing electricity sales price, and CDA sales.
Production costs increased by 3.8% to RUB 23 billion 138.8 million. The main factor causing increase in production costs is growth of fuel expenses due to higher volumes of electricity output at CHPPs.
TGC-1's gross profit amounted to RUB 6 billion 550.9 million (an increase of 21.2%).
EBITDA grew by 18.9% and reached RUB 9 billion 146.8 million.
Net profit for the reporting period amounted to RUB 5 billion 804.6 million, which is 25.6% higher than for the first quarter of last year.
To find out more about the financial performance of TGC-1 for the 3M 2019, please visit the Reports section at the corporate website.
About
TGC-1 is the leading producer of electricity and heat in the North-West region of Russia. It operates 53 electric generating stations in four regions of Russia: St. Petersburg, Republic of Karelia, Leningrad Oblast, and Murmansk Oblast.
TGC-1 installed electric capacity of the Company’s stations amounts to 6.95 GW and heating capacity of 13.75 thous. Gcal/hr. Major shareholders are Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%).