OREANDA-NEWS. JSC TGC-1 releases unaudited interim consolidated Financial Statements for the 3 months period, ended March 31, 2016 prepared in accordance with International Financial Reporting Standards (IFRS).                                 

Consolidated Statement of Comprehensive Income Highlights (mln RUB)

3М 2016

3М 2015

Revenue

25,238

22,035

Operating Expenses*

(19,310)

(17,458)

Operating Profit

5,929

4,577

EBITDA**

7,683

6,365

Profit for the Period

4,386

3,295

* Including Government subsidies and Other operating income.

** EBITDA is calculated as Operating profit + Depreciation of PP&E + Amortization of intangible assets and investment property.

Consolidated TGC-1 Group revenue for 3M 2016 increased by 14.5% year-on-year, up to RUB 25,238 mln.

Operating expenses for 1Q 2016 grew by 10.6% year-on-year, up to RUB 19,310 mln. Variable costs increased by 10.6%, up to RUB 13,793 mln mostly on the account of higher fuel costs, combined with growing heat output. Fixed costs increased by 20.4%, up to RUB 3,960 mln, mainly due to receivables impairment provision and growing loss on PP&E disposal.

TGC-1 operating profit grew by 29.5% year-on-year totaling RUB 5,929 mln. EBITDA amounted to RUB 7,683 mln, growing by 20.7% year-on-year.

Profit for 3M 2016 increased by 33.1% year-on-year, up to RUB 4,386 mln.