Revenues Up 16.8% for OJSC RUS Group in 1st Half of 2007
OREANDA-NEWS. August 21, 2007. In the first half of 2007, consolidated revenues for the OJSC Russian Utility Systems group of companies grew 16.8% as compared with the same period of 2006. Realised income on sales of goods, works and services totalled around 12,354.7 million roubles (10,577.3 million roubles in 2006), which meets the company's targets for 2007. The key revenue growth factor was expansion of the business into new territories through OJSC Bryansk Utility Systems and OJSC Nizhny Novgorod Utility Systems.
Net profit for the OJSC RUS group of companies totalled 632.9 million roubles in the first half of 2007. Profit for subsidiary and managed companies grew by around 32%.
In June this year, the shareholders of OJSC RUS (IES-Holding and RAO UES of Russia) completed the payment of the additional share issue of OJSC RUS. As a result of the additional issue, the authorised capital of OJSC RUS amounted to 4 billion roubles (a 300% increase). The funds from the additional issue will be spent to develop the RUS holding company and purchase assets within the framework of its core business.
Performance in the first half of 2007 was summarised at a meeting of the chief executive offices of OJSC RUS subsidiary and managed companies which took place in Suzdal.
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