Rosseti's 6-month RAS loss amounted to RUB 22.173 billion

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AK&M 03 August 2020 13:56

RAS loss of PJSC Rosseti for the first half of 2020 amounted to RUB 22.173 billion against a profit of RUB 123.148 billion a year earlier, the company reported.

Revenue decreased 1.8 times to RUB 13.927 billion from RUB 25.037 billion, gross profit 1.9 times to RUB 12 billion from RUB 22.944 billion. Loss before tax amounted to RUB 21.822 billion.

ROSSETI operates one of the world's largest power grids. It manages 2.37 million km of power lines, 517,000 substations with a transformer capacity of more than 802 GVA. In 2019, net electricity supply to consumers reached 763 billion kWh. ROSSETI's headcount reaches 217.5 thousand people. The company exercises control over 88 organizations operating in 80 federal subjects of Russia, including a bulk power grid company and 15 interregional distribution grid companies. The company's controlling shareholder is the Government of Russia represented by the Federal Agency for State Property Management (Rosimushchestvo) which owns an 88.04% equity stake in ROSSETI.

IFRS profit of ROSSETI for Q1 2020 increased by 13.5% to RUB 27.8 billion from RUB 33.3 billion a year earlier. Revenue decreased by 1.2% to RUB 262.5 billion from RUB 265.5 billion. EBITDA was RUB 89.3 billion against RUB 86.9 billion (+2.8%).