Feb. 28 (Bloomberg) -- Inter RAO Lietuva AB rose to the highest level since it started trading in Warsaw in December after the Baltic power trader reported a smaller-than-expected drop in 2012 profit.
The stock rose 6.9 percent to 28.99 zloty at the close in Warsaw, extending this year’s gain to 8.8 percent and valuing the company at 580 million zloty ($183 million). The volume of shares traded was double the 30-day average, according to data compiled by Bloomberg.
The Vilnius, Lithuania-based unit of Russia’s state-controlled electricity company OAO Inter RAO UES had net income of 58.1 million litai ($22 million) last year, compared with 61.2 million litai in 2011, it said in a regulatory filing late yesterday.
“The fact that 2012 profit fell barely 5 percent is a quite decent result given investors’ really negative expectations,” Tadas Povilauskas, an analyst at Finasta investment bank in Vilnius, said by e-mail. “This leaves enough accumulated profit for an attractive dividend yield of nearly 8 percent.”
Declining Russian power imports to the Baltics and fears the company’s first post-IPO earnings report might reveal “bad news” weighed on investors’ expectations, Povilauskas said.
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