Data on net profits of Mosenergo released

According to US GAAP, net profits of the Mosenergo energy company were $115m in 2001. Additionally, general director of the company Arkady Yevstafyev reported at an internet conference devoted to the 2001 economic and financial results of the company, that according to the Mosenergo business plan, it was to reduce the total amount of expenditures by RUR335m (about $10.65m) this year, which would be 1 percent of the energy production cost.

It was also pointed out at the conference that Mosenergo was developing optimal mechanisms for repaying $179m in loans. For this, the company may use $82m in the resources at its account as of the beginning of the year, profits from the activities of the company and attracted loans. Yevstafyev stressed that in 2002 Mosenergo had already paid $41m for eurobonds.

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