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Electricity monopoly UES posts 23% increase in RAS revenues in 1Q08

MOSCOW, May 14 (RIA Novosti) - The parent company of electricity monopoly Unified Energy System (UES) of Russia said on Wednesday its revenues calculated to Russian Accounting Standards (RAS) increased 23% in the first quarter of 2008 to 6.9 billion rubles ($290.4 million) year-on-year.

The company's net profit fell 6.8% in the reporting period to 2.7 billion rubles ($112.6 million) against the third quarter of 2007.

The electricity holding also said it will pay 245 million rubles ($10.3 million) in back taxes for 2004-2005.

The government holds 52.69% in UES, energy giant Gazprom controls 11.6%, the SUEK coal champion owns around 6% and the country's nickel giant Norilsk Nickel controls another 3.5%.

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