MRSK Urala finished off the first quarter of 2009 with 389.948 million RUR worth of losses, which caused the company’s net profit to go down by 1,251,300 RUR, or 145.3% (from 861.352 million RUR in the last quarter of 2008).

The interregional network company reports the poor financial performance has been brought about by the need to create the 586-million-ruble bad debt reserve to make up for the overdue bad debts unsecured by any collateral or guarantee.