Russian Grids cuts ‘15 profit guidance to 1 bln rbl from 22 bln rbl
MOSCOW, Mar 26 (PRIME) -- Power company Russian Grids has slashed its 2015 net profit forecast to 1.06 billion rubles from 22.062 billion rubles, according to company’s data seen by PRIME on Thursday.
The company also expects its net profit to fall 70% to 21.4 billion rubles in 2016 and to decrease by 41.2% to 31.1 billion rubles in 2017, to rise by 80% to 65.2 billion rubles in 2018 and to fall by 3.6% to 51.5 billion rubles in 2019.
The company expects its earnings before interest, tax, depreciation and amortization (EBITDA) to stand at 215.18 billion rubles in 2014, at 223.5 billion rubles in 2015, 253.47 billion rubles in 2016, 275.3 billion rubles in 2017, 330.47 billion rubles in 2018 and 321.3 billion rubles in 2019, according to Russian Grids’ revised business plan.
Russian Grids’ investment program for 2015–2019, including investment in its subsidiary FGC UES, may fall to 976.3 billion rubles, down 21.2% against earlier planned.
Russian Grids will cut financing of the program with its own money 11.8% to 902.28 billion rubles, while borrowing is likely to fall 65.6% to 74.022 billion rubles.
The grid company may increase tariffs for electric power transmission by 15.8% from July 1 against a 7.5% increase planned earlier, according to the data.
At the same time, only a 34% increase of tariffs from July 1 would compensate all economically justified expenses of the company, according to Russian Grids’ calculations.
(57.3879 rubles – U.S. $1)
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