OGK-1 Profit Down in 2007

Electricity producer OGK-1 said Monday that net profit last year fell to 1.97 billion rubles ($83.1 million) from 5.97 billion rubles in 2006 because of a one-off reversal of prior losses.

In its 2007 financial results published Monday, the company said the apparent drop was because of the reversing of earlier acknowledged losses from the economic depreciation of current assets. It gave no more specific details.

Without this one-off factor, net profit in 2006 would have been 739 million rubles, meaning that the 2007 results would have marked a drastic increase in net profit rather than a threefold drop.

The company's revenues grew to 44.89 billion rubles last year from 30.06 billion rubles in 2006.

OGK-1 is 92 percent controlled by Unified Energy System.