OREANDA-NEWS. JSC Inter RAO - Electric Power Plants today announced financial results prepared to the Russian Accounting Standards (RAS) for the first six months of 2015.

Revenue of JSC Inter RAO - Electric Power Plants for the first six months of 2015 was 72.2 billion rubles, up 2.1% (1.5 billion rubles) year-on-year.

Revenue from electricity sales in the reporting period was 45.0 billion rubles, down 2.5% (1.2 billion rubles) year-on-year.

Reduction of revenue from electricity sales primarily reflects lower electricity sales by volume resulting from optimized utilization of unprofitable power generating equipment at Kashirskaya TPP, Verkhnetagilskaya TPP and Cherepetskaya TPP.

Revenue from capacity sales in the reporting period was 25.5 billion rubles, up 11.1% (2.5 billion rubles) year-on-year, due to growing CDA sales reflecting the addition of new power generation assets in the second half of 2014 and the first six months of 2015 (Yuzhnouralskaya TPP and Cherepetskaya TPP), and also the increase in CDA fees resulting from higher yield on government bonds.

Cost of goods and services sold in the first six months of 2015 was 61.2 billion rubles, down 1.7% (1.1 billion rubles) from the same period of 2014. This change is attributable to a series of programs focused on optimized utilization of power generating equipment.

Changes in the fuel mix in the first six months of 2015 reflect the following:
- Marginal increase in the share of gas-fired generation in the overall power generation
- Reduction of coal-fired generation in the overall balance of Cherepetskaya TPP, Yuzhnouralskaya TPP and Verkhnetagilskaya TPP
- Increase in the share of fuel oil at Kostromskaya TPP due to longer repairs of gas distribution units compared to the same period of 2014

Gross profit for the first six months of 2015 was 11.1 billion rubles, up 29.7% (2.5 billion rubles) from the same period of 2014.

Balance of other income/(expenses) excluding balance of interest and balance of income/loss from equity shares for the first six months of 2015 was 0.2 billion rubles compared to (1.5) billion rubles for the same period of the previous year. This change mostly reflects VAT recovery on mobilization reserves and lower provisions for CDA fines compared to the first six months of 2014.

Net profit for the reporting period was 7.5 billion rubles, up 55.3% (2.7 billion rubles) from the first six months of 2014 (4.8 billion rubles).