TGK-l, the northwestern regional heat and power producer, which is majority owned by Gazprom, reported June 4 a 41% year-on-year fall in its net profit for the first quarter of this year to Rb2.75 billion ($81.6 million), on the back of a decline in spot electricity prices.EBITDA fell by 15.9% to Rb5.1 billion while operating profit slumped 25.6% to Rb3.8 billion, according to consolidated results audited in accordance with International Financial Reporting Standards (IFRS). Revenues fell by 5.9% to Rbl9.8 billion while operating expenses increased marginally to Rbl6 billion. The company supplies heat and power to the city of St. Petersburg and its surrounding region.
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