Rosseti discloses 1H 2020 RAS results.
In spite of problematic global health situation, resulting in lower electricity consumption and major manufacturers’ production decline, Rosseti achieved stable financials.
Revenue amounted to RUB 13.9 billion, loss decreased from RUB 79.1 to 22.2 billion, compared to 1Q 2020. Lower loss resulted from increased financial sustainability of Rosseti’s subsidiaries and growth of their capitalization, despite hostile market environment.
Rosseti results were influenced by revaluation of subsidiaries and affiliates’ shares, owned by Rosseti. The revaluation was non-monetary and took place in accordance with Russian accounting regulations. Net profit, adjusted to the revaluation, amounted to RUB 12.6 billion.
Rosseti CFO, Pavel Grebtsov, commented to Rosseti 1H 2020 results the following - “In spite of COVID-19 related restrictions in earlier this year, Rosseti maintained financial sustainability and goes on achieving successfully variety of operational goals ahead of plan. Rosseti shares’ positive dynamics affirm confidence of the management’s actions, as well as assurance of ability to cope quickly with the current problems, and attitude to grid assets as a powerful financial safety tool”.