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Russia’s MOEK IFRS net loss narrows 87% to 3.7 bln rbl in 2013

MOSCOW, Jun 20 (PRIME) -- The net loss of Russia's United Moscow Energy Company (MOEK) narrowed 87% to 3.703 billion rubles in 2013, as calculated under International Financial Reporting Standards (IFRS), the company said on Friday.

Revenue grew 4.7% to 97.903 billion rubles in the period, while operating expenditures increased 8.4% to 112.4 billion rubles.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to 5.452 billion rubles in 2013 compared to a negative EBITDA of 17.791 billion rubles in 2012.

MOEK is Moscow’s leading heat and water utility. Controlled by Gazprom Energoholding, it supplies heat and hot water to 70% of Moscow’s residential and administrative buildings, as well as to industrial and social infrastructure enterprises.

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