Power monopoly Unified Energy Systems (UES) reported profits down 43 per cent last year, blaming state-fixed tariffs not meeting rising costs. Net profits to international accounting standards slid to $509 million, against more than $850 million the year
Operating costs rose 16 per cent.Industry-watchers cautioned results might blur the picture of UES performance. Financials might be distorted by restructuring designed to liberalise Russia’s power market, they said.