Mosenergo posts 1Q 2009 Net profit of 5.27 billion Roubles

Moscow electricity generator, Mosenergo, has posted a 1Q 2009 Net profit of 5.27 billion Roubles under IFRS.

The bottom line is up 137% on the 2.26 billion Rouble profit posted for 1Q 2008, with pre tax profits of more than 6.97 billion Roubles, also more than double 1Q 2008, on the back of sales of 37.88 billion Roubles, up 22% year on year.

The company attributed the increase to rising tariffs and increased output of thermal power during in colder conditions than during 1Q 2008, while expense rises were limited to 5%. Mosenergo says this helped offset a 3.1% decline in electricity consumption reflecting the economic downturn.