PRESS: Rosseti may transfer loss-making firms to govt balances

MOSCOW, Nov 1 (PRIME) -- Power grid holding Rosseti is considering transferring its loss-making assets to the balance of the government, Kommersant business daily reported Friday citing sources.

The holding could transfer its loss-making interregional distribution grid companies (IDGCs) to the state and is ready to take them into management later, the daily said. Analysts have estimated that transferring of only loss-making Kubanenergo and North Caucasus IDGC could raise Rosseti’s capitalization by 30–40 billion rubles.

According to Kommersant, North Caucasus IDGC had a net loss of 7.9 billion rubles in 2018 under International Financial Reporting Standards (IFRS), Kubanenergo posted a net loss of 230 million rubles for January–June of this year, while financial results of Siberia IDGC and Urals IDGC worsened significantly.

(63.7748 rubles – U.S. $1)

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