RAO UES reports net profits for January-September 2002

Net profits of the Russian energy grid RAO UES, calculated according to Russian accounting standards, amounted to 39.98bn rubles (about $1.26bn) in the first nine months of this year. These profits include the sale of two companies within the energy grid. This was 3.5 times more as compared to the corresponding period in 2001, the RAO UES department for relations with mass media sources reported to RBC. The company's sales proceeds increased 31 percent to 36.58bn rubles (about $1.15bn). Sales profits went up 26.1 percent to 22.04bn rubles (about $693m). RAO UES accounting statements for the first nine months of this year demonstrated a fall in the company's fixed assets to 67.5bn rubles (about $2.12bn).

A source in the energy grid did not rule out that the 2002 annual report could be reviewed due to disagreement about regulations on drawing up accounting reports.

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