Kazakh Electricity Grid Company ups net profit by 35 percent in 2011
Azerbaijan, Baku, March 28 /Trend E. Kosolapova/
The Kazakhstan Electricity Grid Operating Company (KEGOC) increased net profit by 35 percent in 2011 up to 7.822 billion tenge ($53 million), Novosti-Kazakhstan quotes the company's audited consolidated report under International Financial Reporting Standards. KEGOC's net profit hit 5.796 billion tenge ($39 million) in 2010.
The company's revenue grew by 23 percent up to 54.793 billion tenge ($371 million) during the reporting period. Gross profit increased by 17 percent up to 15.212 billion tenge ($103 million).
KEGOC's assets increased by 21 percent in 2011 and amounted to 217.569 billion tenge ($1.47 billion), equity rose by 7 percent up to 120.966 billion tenge ($819 million).
KEGOC is system operator of the Kazakhstan's power system. Its activity is aimed at transferring electrical energy to the national power grid. Moreover, the company ensures maintenance of the national power grid.