August 27, 2014 / 9:57 AM / 3 years ago

UPDATE 1-Russia's InterRao returns to H1 profit

(Adds details, market expectations, share price)

MOSCOW, Aug 27 (Reuters) - Russian energy group InterRao said it returned to net profit in the first half of 2014 after a loss a year earlier, helped by improved efficiency at its power generation business, the launch of new units, and the expansion of its distribution business.

InterRao, indirectly controlled by the state, booked a year-ago loss on depreciation charges and rising costs.

On Wednesday, the company said it generated net profit of 6.9 billion roubles ($191 million) in the first half of 2014, compared to a net loss of 13.8 billion roubles a year earlier.

InterRao’s shares rose 1.8 percent in afternoon trade, outstripping a 0.7 percent rise in the broader Moscow stock market.

Adjusted for non-cash items, the company recorded net profit of 13.3 billion roubles after an adjusted net profit of 10.9 billion roubles a year ago, it said in a financial report.

Revenues rose 11 percent, year-on-year, to 352.9 billion roubles, and earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 30 percent to 28.1 billion roubles.

Analysts had forecast adjusted net income of 9.7 billion roubles and EBITDA of 25.9 billion roubles, according to a Reuters survey.

1 US dollar = 36.1548 Russian rouble Reporting by Anastasia Lyrchikova; writing by Maria Kiselyova and Vladimir Soldatkin; editing by Keiron Henderson

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