MOSCOW, April 24 (RIA Novosti) - Russian electricity monopoly Unified Energy System (UES) said Monday its net profit calculated to International Financial Reporting Standards had fallen by 4.35 billion rubles (about $152 million) year on year in the first nine months of 2005 to 9.75 billion rubles (about $340 million).
"Net profit declined largely because core business expenditures grew faster than revenues," the company said in a statement.
Core business revenues increased 14% in January-September 2005 year on year to 544.51 billion rubles (about $19 billion). Core business expenditures over the same period rose 15% to 502.55 billion rubles (about $17.5 billion).
