UPDATE 1-Russia Mosenergo shares jump on soaring Q1 profit
* Q1 net 4.7 bln roubles ($146.7 million), up 117 pct y/y
* Q1 revenues 37.9 bln roubles, up 22 pct y/y
* Shares jump 8 percent at 0903 GMT in Moscow
(Adds details, stock price, background)
MOSCOW, July 17 (Reuters) - Shares in Mosenergo (MSNG3.MM) soared after the Russian electricity producer said on Friday that its first quarter net profit more than doubled from a year-earlier thanks to higher electricity and heating prices.
First quarter net profit totalled 4.7 billion roubles, up 117 percent from the same period a year ago, while sales reached 37.9 billion roubles, up 22 percent as higher prices made up for a 3 percent drop in first quarter electricity production.
At 0903 GMT shares in the company, which is controlled by gas export monopoly Gazprom (GAZP.MM), were up 8 percent to 1.5 roubles each, becoming one of the best performing stocks on the the MICEX exchange, whose index was up 1.4 percent.
Citigroup analysts reiterated their buy rating on the stock, noting that electricity consumption in the Moscow region, where Mosenergo operates, is still on the rise.
"Electricity consumption in Moscow region increased 2.2 percent y/y in 1H09...which suggests that no impact from the recession is likely to be seen in Mosenergo's operating activities," the bank's analysts wrote.
The strong quarterly results came six months after the utility suspended plans to build four new turbines after regulators capped prices on electricity from new power plants. [ID:nLG35961] (Writing by Alfred Kueppers and Toni Vorobyova; Editing by David Cowell)
