VEB Eyes RusHydro Stake

By The Moscow Times

Jan. 31, 2012

RusHydro boosted nine-month profit 19 percent because of unrepeated finance expenses in the previous year period, the utility said Tuesday on its website.

Net income climbed to 30.6 billion rubles ($1 billion) from 25.6 billion rubles a year earlier. RusHydro had net finance income of 366 million rubles this year, compared with costs of 3.11 billion rubles a year earlier. Revenue fell 34 percent to 197 billion rubles.

Vneshekonombank chief executive Vladimir Dmitriyev said in Davos, Switzerland, late last week that the bank may acquire a 10 percent share in RusHydro. VEB may spend 64 billion rubles to acquire treasury shares in the company.

(Bloomberg)

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