MRSK Urala’s net profit drops 87.72%
The net profit of OAO Urals’ Interregional network distribution company (MRSK Urala) plunged by 393.834 million RUR, or 87.72% over three months. The figures declined from 448.968 million RUR in the last quarter of 2009 to 55.134 million RUR in the first quarter of 2010.
The company explains they had to set up 673 million RUR worth of doubtful receivables reserve in order to make up for the writing off of doubtful debt that had not been paid in due time and had not been provided with any collateral, guarantee, or bank security.
The company explains they had to set up 673 million RUR worth of doubtful receivables reserve in order to make up for the writing off of doubtful debt that had not been paid in due time and had not been provided with any collateral, guarantee, or bank security.
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