Moscow energy utility releases profit forecasts

Net profit of the Moscow energy grid Mosenergo is expected to reach 709mrubles (about $22.49m) in 2002, according to the company's business plan.This forecast was voiced by Mosenergo General Director Arkady Yevstafyev ata press conference today. The press conference was devoted to the company'sanniversary. He noted that, in the first half of 2002, Mosenergo sufferedlosses worth 780m rubles ($24.74m) due to an untimely rise in tariffs, thereassessment of fixed assets, a rise in allocations for amortization andreconstruction campaign prior to the upcoming autumn and winter period. Inthe first six months of 2002, Mosenergo supplied 27.69bn kWh, which was 1.4percent more than planned and 4.4 percent more than in the correspondingperiod of 2001. The company's operational wastes reached 12.7 percent inthe first half of 2002 versus 20 percent in 2001..

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