TGK-9 sees drop in net profit
The net profit of OAO TGK-9, the power generating company, dropped by 54.15% in the first quarter of 2010.
The company’s net profit reached 1.48 billion RUR in the last three months of 2009 but only amounted to 681.17 million RUR in January-March 2010.
According to TGK-9, the drop in profits was caused by the cost amortization that followed the re-assessment of the company’s key assets on January 1, 2010. In addition, the power generating enterprise had to create assessment reserves to make up for the heating bills not paid by their customers.
The company’s net profit reached 1.48 billion RUR in the last three months of 2009 but only amounted to 681.17 million RUR in January-March 2010.
According to TGK-9, the drop in profits was caused by the cost amortization that followed the re-assessment of the company’s key assets on January 1, 2010. In addition, the power generating enterprise had to create assessment reserves to make up for the heating bills not paid by their customers.
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