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 RossetiТs capitalization by 30Ц40 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 JanuaryЦJune of this year, while financial results of Siberia IDGC and Urals IDGC worsened significantly.
(63.7748 rubles Ц U.S. $1)