OREANDA-NEWS. On 29 December 2008 JSC “OGK-6” (MICEX - OGK6; RTS – OGKF) reported its Unaudited Interim Consolidated Financial Results for the nine-month period ended 30 September 2008 in accordance with International Financial Reporting Standards (IFRS).

The company revenues for the first nine months of 2008 grew 24,7% reaching RUR 31,904 mln. compared to the nine months of 2007. Net profit fell 75,8% (to RUR 281.3 mln.) versus the same period of 2007.

The rising prices coupled with the growing volume of electricity sold at the day-ahead market mostly contributed to the revenue growth, proving the importance of the electricity market liberalization process. The revenues from electricity and capacity sales at market prices increased by 159% (its share in the total sales structure rose to 34% from 16% a year earlier), while electricity and capacity sales at the regulated bilateral agreements sector decreased 0,7% in first three quarters of 2008.

Alexey Mityushov, the General Director of JSC “OGK-6”, stated: “The Company has significantly increased its production of electricity with the company share in the total Russian electricity output rising to 3,97% (+0,62 %) in the reported period.

However, the Company showed weak financial results in the second and the third quarters in accordance with IFRS. The growing fuel prices (on gas and coal) exceeding the increase of tariffs set up for 2008 had a negative impact on the Company’s financials. Moreover the unprecedented production growth in 2008 has resulted in an increase of maintenance expenditure.”