Enel OGK-5 Boosts 2011 Profit 34% on Price; Misses Estimates

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.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.