TGC-1's IFRS profit for the first half of 2020 decreased by 27.4% to RUB 6.75 billion from RUB 9.302 billion a year earlier, the company reported.
Revenue decreased by 10.3% to RUB 47.28 billion from RUB 52.712 billion driven by changes in sales and prices in the free WECM sectors and a lower heat output due to higher outdoor temperatures during the heating period in 2020.
EBITDA decreased by 19% year-on-year to RUB 13.727 billion.
PJSC Territorial Generating Company no. 1 (TGC-1, part of Gazprom energoholding group) is a leading electricity and heat producer and supplier in the Northwestern macro region of Russia. TGC-1 comprises 53 power plants in four regions of the Russian Federation: St. Petersburg, the Republic of Karelia, Leningrad and Murmansk regions.
TGC-1 comprises the following subsidiaries and affiliates: PJSC Murmanskaya CHPP (electricity supplies to Murmansk and surrounding areas, equity stake: 98.85%), JSC Hibiny Heat Company (HHC, heat supplies to the Apatity-Kirovsk region, equity stake: 50%), JSC St. Petersburg Heating Grid (a system of heat distribution networks in the area served by the company's combined heat and power plants, equity stake: 71.57%) and TGC-Service LLC (a specialized repair company, equity stake: 26%).
IFRS profit of TGC-1 for 2019 decreased by 23.3% to RUB 7.99 billion from RUB 10.421 billion a year earlier. Revenue increased by 5.2% to RUB 97.255 billion from RUB 92.455 billion resulting from higher revenues from sales of electricity and capacity, as well as higher heat sales. EBITDA increased by 7.7% to RUB 22.5 billion from RUB 20.887 billion.
RAS net profit of PJSC TGC-1 for 2019 increased by 33.8% to RUB 9.494 billion. The company's revenue totaled RUB 90.836 billion growing by 4.3% year-on-year. Gross profit amounted to RUB 11.848 billion (+9.9%). EBITDA increased by 11.7% to RUB 19.475 billion.
