In 2002, AO MOSENERGO's net profit amounted to 646 million rubles, exceeding the company's forecasts 1.5 times. However, this figure turned out to be three times less than the year before. The decrease in profits was caused by delays in tariff increases, which had to be implemented by the Moscow Regional Energy Commission last year. In addition, the re-evaluation of fixed assets led to growing amortization charges, which contributed to higher operating costs.
In 2002, AO MOSENERGO's revenues on sales reached 54 billion rubles (102% of supplied power). In 2001, AO MOSENERGO's revenues equaled 46.2 billion rubles (106% of supplied power).
Last year, AO MOSENERGO's gross profitability reached 9.5% (in 2001 – 25%). The profitability of electricity production was 16.2%, heat profitability – -2.5%. The low heat profitability was caused by selling heat at prices lower than production costs.
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