Mosenergo posts FY 2010 net profit of 8.668 billion roubles

Moscow region electricity generator, Mosenergo, has posted a FY 2010 net profit of 8.668 billion roubles under IFRS.

The FY 2010 net result rose 420% year on year from the FY 2009 net profit of 1.658 billion roubles, with FY EBITDA rising 26.6% year on year to 20.071 billion roubles, on the back of a 29.0% year on year increase in FY revenues to 145.298 billion roubles.The company attributed the results particularly to increased prices for heating electricity in the day market, coupled with an increase in electricity sales and power on the open market as a whole.