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. Last Updated: 07/27/2016

OGK-6 Reports H1 Profit of $44M

OGK-6, the power utility considering a London listing, posted a profit in the first half as the government lifted price caps amid surging demand for electricity.

Net income in the six months through June totaled 1.12 billion rubles ($44.9 million), Rostov-on-Don-based OGK-6 said in a statement Wednesday without providing a comparative figure. Revenue climbed 22 percent to 16.48 billion rubles.

Full-year profit in 1996 was 3.34 billion rubles, or 13 kopeks a share, compared with a loss of 41.8 million rubles in 2005, OGK-6 said in a separate statement Wednesday. Revenue jumped 32 percent to 28.6 billion rubles in 2006.

OGK-6, with 9,052 megawatts of installed capacity, makes half of its power from coal. The utility is one of two with nationwide coverage that Gazprom will take control of next year.