Baku, Azerbaijan, Sept. 19
By Elena Kosolapova - Trend:
The Kazakhstan Electricity Grid Operating Company (KEGOC) saw its net profit decrease by 7.3 times in the first half of 2014 compared to the same period of 2013, Novosti-Kazakhstan reported with the reference to the company's consolidated financial statements under the International Financial Reporting Standards (IFRS).
The company's net profit hit 588 million tenge (181.95 tenge =$1) in Jan.-June 2014 compared to 4.3 billion tenge in the same period of 2013.
Net profit decreased mainly due to the depreciation of the tenge, increase in the provision for the outstanding accounts receivable and increase in taxes other than corporate income tax, the company's report said.
Kazakh National Bank devalued tenge by 19 percent in February 2014.
The company's revenues in the reporting period increased by 22 percent to 42.686 billion tenge, gross profit decreased by 9 percent to 8 billion tenge.
Operating profit increased by 2.7 times compared to the same period of 2013 to 15.8 billion tenge, mainly due to the revaluation of the fixed assets.
Operating profit excluding income from the revaluation of fixed assets hit 1.6 billion tenge in Jan- June 2014.
EBITDA (earnings before interest, taxes, depreciation, and amortization) remained at the level of 9.531 billion tenge as it was in the first half of 2013.
KEGOC is a state-owned company through Sovereign Wealth Fund Samruk-Kazyna.
Edited by T.T
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