Russia’s state-controlled power trader Inter RAO UES saw its 2011 IFRS net profit skyrocket 123.1 percent year-on-year to 41.5 billion rubles ($1.41 billion), the company said on Friday.
That was above a consensus forecast of analysts polled by RIA Novosti who expected the firm’s annual net profit at 25.6 billion rubles last year.
The company’s revenue rose 15.5 percent last year to 536.2 billion rubles owing to “growing overall demand for electricity in Russia and on international markets together with increased prices on the Russian wholesale electricity market.”
“Our company changed dramatically in 2011, and the first consolidated annual statements confirm that all these changes are for the better. We established a strong business foundation in 2011,” Inter RAO CEO Boris Kovalchuk was quoted in the statement as saying.
Inter RAO’s EBITDA increased 24.1 percent to 41.7 billion rubles, while the EBITDA margin rose to 7.8 percent last year from 7.2 percent in 2010.
Electricity production amounted to 116.9 billion kW/h in 2011, a 37.2 percent growth year-on-year.