MOSCOW, June 18 (RIA Novosti) - Moscow's electric power utility Mosenergo [RTS: MSNG] said on Wednesday that its consolidated net profit calculated to International Financial Reporting Standards (IFRS) grew over threefold year-on-year to 2 billion rubles ($84.8 million) in January-March, 2008.
The group's revenues increased 23% to 31 billion rubles ($1.3 billion), and its pretax profit more than doubled to 3.4 billion rubles ($141.8 million) in the reporting period against January-March 2007.
The company said in a statement the increase in its revenues was mostly prompted by a hike in tariffs and a growth in electricity and thermal power sales.
Mosenergo's IFRS net income declined 90.3% year-on-year in 2007 to 837 million ($35 million).
Mosenergo unites 17 electric power plants with an electrical power capacity of 10,600 MW and thermal generation capacity of 39,000 MW.
