OAO Enel OGK-5, a Russian utility controlled by Italy’s Enel SpA (ENEL), said first-quarter profit held steady, with higher volumes partly countered by lower prices.
Net income was 2.01 billion rubles ($68 million), Enel OGK- 5 said today in an e-mailed statement. That compares with the 2.06 billion rubles it previously posted for the same period a year earlier. Total power sales increased 16 percent to 13,595 gigawatt hours, with 85 percent of those at unregulated prices.
Operating revenue grew 12 percent to 17.4 billion rubles, while market prices fell the same percentage in European Russia, the utility said. The company didn’t provide comparative net income for the first quarter of 2011 in today’s statement.
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