TGC-1 not to publish IFRS financial report for 2022

MOSCOW, Mar 1 (PRIME) -- Russian power utility Territorial Generating Company-1 (TGC-1) has decided against publishing a financial report for 2022 calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Wednesday.

In March 2022, the Russian government allowed national companies to limit or withdraw from publishing sensitive information to protect them from possible sanctions of unfriendly countries. The regulation was prolonged until July 1, 2023 in November 2022.

TGC-1 stopped publishing financial reports after the report for January–March 2022. The company’s net profit calculated under IFRS decreased by 16.6% on the year to 7.114 billion rubles in 2021.

(74.8932 rubles – U.S. $1)

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