RAO UES posts profits figures

According to the Russian accounting standards, RAO UES's net profits amounted to 22.713bn rubles (about $721m) in the first half of 2002, which was thrice as much as in the corresponding period of last year when it was 7.57bn rubles ($240m), the public relations department of RAO UES told RBC. Revenues from product and service sales were 23.872bn rubles ($758m), compared to 16.476bn rubles ($523m) in the first six months of 2001. Revenues from fees amounted to 18.869bn rubles ($599m). The production cost of the company's products was 7.702bn rubles ($244.5m). Sales profit was 15.165bn rubles ($481m). The energy holding's non-operating gains advanced by more than 100 times and amounted to 16.836bn rubles ($534.5m) in the first six months of 2002.

The company's accounts payable decreased by 10 times from 50.853bn rubles ($1.61bn) at the beginning of 2002 to 6.155bn rubles ($195m). The amount of loans and credits surged from 15.598bn rubles ($495m) to 18.14bn rubles ($576m). RAO UES's debt to the budget eased back from 3.088bn rubles ($98m) to 753m rubles ($24m).

The amount of short-term accounts receivable retreated almost twice as much from 42.524bn rubles ($1.35bn) to 21.635bn rubles ($687m). The energy holding's balance was 302.692bn rubles ($9.61bn).

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