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Russia's electricity giant UES posts $19 bln net profit in 2007

MOSCOW, April 1 (RIA Novosti) - Russia's electricity giant Unified Energy System (UES) on Tuesday posted a net profit calculated to Russian Accounting Standards (RAS) of 452.8 billion rubles ($19.3 billion) in 2007.

The company attributed the significant size of its net profit in the reporting period to the revaluation of investment in its affiliated companies listed on the MICEX and the Russian Trading System (RTS) stock exchanges.

At the same time, UES said revenues from revaluation were unsecured by cash flows.

Net profit excluding revaluation totaled 28.78 billion rubles ($1.2 billion) in 2007, up 4.9% on 2006, UES said.

Compared with 2006, UES' RAS net profit declined 37.5%, the company said.

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