RusHydro posts 1H 2011 net profit of 27.053 billion Roubles

Hydroelectricity generator, RusHydro Group, has posted a 1H 2011 net profit of 27.053 billion roubles under IFRS.

The bottom line is up 26 % from the 21.46 billion roubles reported for 1H 2010, with adjusted 1H 2011 EBIDTA up 18% year on year to 41.436 billion roubles, despite revenues dropping 20% year on year to 164.343 billion roubles.RusHydro said electricity sales fell by 21% with sales of generating power down by 19%, but that EBITDA growth was a result of increased proportion of sales at unregulated prices due to the termination of the transitional period in the liberalization of the wholesale electricity market.