Lenenergo posts FY 2010 net profit of 4.75 billion roubles

Russian, Leningrad region electricity generator, Lenenergo, has posted FY 2010 net profit of 4.75 billion roubles under IFRS

The bottom line was up 83.6% year on year from 2.58 billion roubles in 2009, with EBITDA also increasing 67% to 11.93 billion roubles from 7.15 billion roubles posted for FY 2009, on the back of a 25.3% increase in revenues to 28.573 billion roubles from 22.801 billion a year earlier.The Company attributed its higher revenues to a significant operations growth, as well as a 14% increase in electricity tariffs in 2010. Lenenergo’s profits attributable to growing connection volumes increased by 52% to 10.299 billion roubles, with the company adding profit growth reflected increased ROE on the back of a slowdown in expenditures.