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Electricity sales growth enabled DEC to improve financial performance in I half - EastRussia | Far East

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The growth of electricity sales allowed DEC to improve financial performance in the first half of the year.

Net profit under RAS in the amount of 36,994 million in January-June 2016 against 723,4 million rubles of net loss for the same period 2015 year was received by PJSC "Far Eastern Energy Company" (DEK, part of the holding "RAO ES of the East")

The growth of electricity sales allowed DEC to improve financial performance in the first half of the year.
This is stated in the accounting statements of the energy company.

Revenues increased by 10,9% - to 38,5 billion rubles.

The company explains the improvement in financial performance, including the increase in electricity sales.

The power company's payables decreased from 7 billion 243,285 million rubles at the beginning of 2016 to 4 billion 201,052 million rubles on June 30. Accounts receivable decreased by 8,7% - to 7 billion 632,649 million rubles.

Earlier it was reported that the DEC in 2015 reduced its net loss under RAS by 35% compared to 2014 year - to 1 billion 86,3 million rubles, Interfax notes.

PJSC "DEK" works as a part of PJSC "RAO ES of the East", the main shareholder of which is PJSC "RusHydro". The company is a guaranteeing supplier and a single buyer of electricity in the 2nd non-price zone, annually buys about 32 billion kWh of electricity.

RusHydro owns 52,07% of DEK shares (1,04% - direct control, 51,03% - indirect control through RAO ES of the East), Donalink Limited - 34,08%. Metkombank, the main beneficiary of which is Viktor Vekselberg, owns 6,3% of the authorized capital of DEC.