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RAO ES of the East increased profits by resuming "last mile" contracts
RAO Energy Systems of the East Group has published unaudited consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for the six months of 2014.
In the first six months of 2014, RAO Energy Systems of the East Group (hereinafter referred to as the Group) received adjusted profit from operating activities in the amount of RUB 4 million, which is 923% more than in the same period last year. The main reason for the growth in operating profit is the increase in the profitability of the power grid segment (JSC "DRSK") as a result of the renewal of the "last mile" contracts.
EBITDA for the first half of the year 2014 grew by 29,3% compared to the first half of last year and amounted to 8 688 million rubles. The adjusted net profit of the Group was 1 959 million rubles, which is an increase of 14,3% over the same period last year. Net profit and total income of the Group amounted to 1 263 million rubles. and 1 435 million rubles. respectively.