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Mosenergo Jumps After Citigroup Boosts Estimate on Profit Gain

OAO Mosenergo, the electricity and heat producer serving Russia’s capital, climbed the most in nine months in Moscow trading after reporting a 26 percent increase in full-year net income and as Citigroup Inc. boosted its price target for the shares.

Net income last year to 2.01 billion rubles ($66 million) from a revised 1.63 billion rubles in 2007, the company said on its Web site yesterday.

Mosenergo’s stock-price estimate was raised to 2.12 rubles from 1.32 rubles previously at Citigroup, which said the generator’s earnings before interest, taxes, depreciation and amortization were 43 percent more than it had expected.

To contact the reporter on this story: William Mauldin in Moscow at wmauldin1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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