August 29, 2013 / 11:51 AM / 4 years ago

Rushydro H1 earnings hit by InterRao slump

MOSCOW, Aug 29 (Reuters) - Russian state-controlled hydroelectric power producer Rushydro returned to a first-half net profit after a year-ago loss but its earnings were weighed down by the depreciation of its investment in energy group InterRao.

Rushydro, which owns around 5 percent of InterRao’s shares, said it earned around 11 billion roubles ($331 million) in January-June compared to a 436 million rouble net loss in the first half of 2012.

The company took a 6 billion rouble non-cash impairment charge following a drop in InterRao share price, it said in a statement. Excluding this item, the net profit was up 38 percent, year-on-year, at 23 billion roubles, above a 21 billion rouble average forecast in a Reuters poll. ($1 = 33.1985 Russian roubles) (Reporting by Anastasia Lyrchikova; Writing by Maria Kiselyova; Editing by Douglas Busvine)

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