Gazprom’s TGK-1 Power Generator Says Net Fell 41% on Warm Winter
Stock Chart for Gazprom OAO (GAZP)
OAO TGK-1, a power utility owned by state-run natural-gas producer OAO Gazprom, said first-quarter profit slumped 41 percent as a warm start to the year cut demand for heating and power prices declined.
Net income dropped to 2.73 billion rubles ($82 million) from 4.64 billion rubles a year earlier, TGK-1 said today in a statement on its website.
Unseasonably warm weather in the first quarter reduced heat consumption, while day-ahead market prices for electricity decreased, TGK-1 said. Fortum Oyj (FUM1V), Finland’s biggest utility, holds a 25.7 percent stake in the St. Petersburg-based generating company.
Revenue decreased 5.9 percent to 19.8 billion rubles, while earnings before interest, taxes, depreciation and amortization dropped 16 percent to 5.15 billion rubles.
To contact the editor responsible for this story: James M. Gomez at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.