Russian hydropower holding company RusHydro has posted IFRS net losses of 468 million rubles ($15 million) for the first half of 2012, down from a net profit of 27 billion rubles ($870 million) in the same period last year, the company said on Monday.
Analysts polled by RIA Novosti expected RusHydro to post a half-year net profit of 14.5 billion rubles.
RusHydro attributed its net loss to the impairment of property, plant and equipment, losses from revaluation of the net assets of its Far Eastern electricity distribution company DRSK, accumulated revaluation loss on the shares of power trader Inter RAO UES and the accrual of the impairment of accounts receivable.
The company’s adjusted net profit fell by 59 percent in the first six months of 2012 to 13.44 billion rubles.
The company’s revenues for the first half were down 11.3 percent to 145.8 billion rubles compared with a 7.7 percent fall to 151.6 billion rubles expected by analysts.
The company’s EBITDA fell by 37 percent to 31.149 billion rubles due to changes in RusHydro’s structure and the removal of the special investment component from tariffs charged by hydropower plants.