OAO Enel OGK-5, the Russian utility controlled by Italy’s Enel SpA (ENEL), boosted profit 34 percent last year, missing analyst estimates, after expanding plants and benefiting from an increase in free-market power prices.
Net income climbed to 4.96 billion rubles ($168 million) from about 3.7 billion a year earlier, according to an e-mailed statement from Enel OGK-5. That missed an average estimated of 7.1 billion rubles from 11 analysts surveyed by Bloomberg.
Operating revenue rose 14 percent to 60.1 billion rubles, Enel OGK-5 said. Market prices increased by 11 percent in European Russia compared with 2010, the utility said.
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