Support The Moscow Times!

InterRao Loss Widens

State-controlled Russian energy group InterRao said Friday that its first-half net loss widened by 37 percent, year on year, to about 14 billion rubles ($421 million) due to depreciation charges.

If adjusted for noncash items, the firm recorded net profit of about 11 billion rubles, up 21 percent year on year, on revenue of 318 billion rubles, 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.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more