Net profit at Hydro WGC Group, drafted to IFRS, skyrocketed 8.5 times to Rub 17,288 mln in 2006, the company said in a financial statement posted on its website. The utility groups 2006 sales shot up 36.1% to Rub 20,564 mln, while the cost side spiked 60% to Rub 23,336 mln. Notwithstanding, the groups net profit took a sharp rise due to the restoration of a reserve for the depreciation of the groups fixed assets (Rub 28,315 mln). Hydro WGCs operating profit soared 7.6-fold to Rub 29,447 mln and pre-tax profit jumped more than 7.7 times, reaching Rub 29,267 mln.
For the record, Hydro WGC that was incorporated in the course of utility industry reform for the purpose of consolidating UES hydropower generating assets is currently a 100% subsidiary of UES. After its spin-off from UES in mid-2008 the state will gain at least a 50%+1 share interest in Hydro WGC, while shareholders of its subsidiaries (regional HPPs) will get some 16-18% as a whole.
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[Source: Russian Stock Market Blog]
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