UPDATE: RusHydro RAS net profit rises 12% to 26.6 bln rbl in January–June

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MOSCOW, Jul 30 (PRIME) -- The net profit of Russian hydropower giant RusHydro rose 12% on the year to 26.618 billion rubles in January–June, as calculated under Russian Accounting Standards (RAS), the company said in a report on Monday.

Revenue increased about 40% on the year to 82.837 billion rubles in the period.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 12% to 43.471 billion rubles.

The cost of sales soared about 70% to 47.37 billion rubles, and adjusted net profit increased 18% to 26.1 billion rubles.

The company attributed the increase in revenue and the cost of sales to a special markup to the price of electric power that the Russian government introduced in July 2017 in order to make power tariffs in the Far East equal to the average power tariff in the country. Excluding the factor, RusHydro’s revenue grew 9% to 63.73 billion rubles in the reporting period.

(62.9726 rubles – U.S. $1)

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