StockMarketWire.com - State-owned Russian energy company Federal Grid Company of Unified Energy System reported a fall in net profit as rising costs offset higher revenue in the first nine months of the year.

For the 9 months ended 30 September 2021, net profit fell to RUB 54.7 billion from RUB 58.5 billion year-on-year, while revenue increased 5.4% to RUB 185.7 billion.

Operating expenses increased by 10% to RUB 123.4 billion.

The increase of operating expenses was due to 'increase of electricity consumption ... and increase in expenses on construction projects commensurate with an increase in revenue (by RUB 1.0 billion),' the company said.


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