Russia's InterRao first-half net loss widens
MOSCOW Aug 30 (Reuters) - State-controlled Russian energy group InterRao said on Friday its first-half net loss widened by 37 percent, year-on-year, to around 14 billion roubles ($421 million) due to depreciation charges.
If adjusted for non-cash items, the firm recorded net profit of around 11 billion roubles, up 21 percent year-on-year, on revenue of 318 billion roubles, InterRao said in a statement.
Sales were up 21 percent, driven by acquisitions of assets in power generation and as higher selling prices helped results of its retail division. But rising costs, primarily related to higher prices for electricity it purchased, erased most revenue gains, leading to a wider operating loss than the year earlier. (Reporting by by Anastasia Lyrchikova; Writing by Maria Kiselyova, Editing by Alessandra Prentice)
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