Russian, Leningrad region electricity generator, Lenenergo, has posted FY 2010 net profit of 4.75 billion roubles under IFRS
The bottom line was up 83.6% year on year from 2.58 billion roubles in 2009, with EBITDA also increasing 67% to 11.93 billion roubles from 7.15 billion roubles posted for FY 2009, on the back of a 25.3% increase in revenues to 28.573 billion roubles from 22.801 billion a year earlier.The Company attributed its higher revenues to a significant operations growth, as well as a 14% increase in electricity tariffs in 2010. Lenenergo’s profits attributable to growing connection volumes increased by 52% to 10.299 billion roubles, with the company adding profit growth reflected increased ROE on the back of a slowdown in expenditures.