Net profit of Bashkir Electric Grid Company increased by 65.9 percent in 2013

Elvira Latypova

JSC "Bashkir Electric Grid Company" (BESK) finished the year of 2013 with a net profit of 3.4 billion rubles, which is 65.9 percent higher than in 2012, follows from the company's annual report according to IFRS. Net profit margin was 25.1 percent – by 7.5 percentage points higher than in 2012.

OIBDA increased by 30.9 percent for a year and five times in the fourth quarter after growth of revenues and as a result of an increase in other incomes, including sales income of fixed assets and accrued penalties for late payment.

Revenues increased by 16.1 percent in 2013 - to 13.5 billion rubles. As the press service of BESK informs, positive trend was caused by natural growth of electricity consumption and July indexation of tariffs. Implementation of the investment program, which shortened terms of technological connection to the electric grid and increased connected capacity, also had a positive impact.

Profit before tax for a year developed in the sum of 4 billion rubles – by 41.3 percent more than in 2012.

The volume of the investment program financing in 2013 totaled some 3.5 billion rubles with a growth of 42 percent to the year of 2012.

JSC "Bashkir Electric Grid Company" was established in November 2012 as a result of reorganization of OJSC "Bashkirenergo". The company is a part of Sistema JSFC. It unites power grid assets in Bashkortostan: transmission network (LLC "Bashkir Grid Company"), distribution electrical network (LLC "Bashkirenergo" ) and service company - LLC "Bashenergouchet".

#power grid #annual reports

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