Electric networks of Armenia unprofitable in 2012: CEO

10.06.2013 13:51
Electric networks of Armenia unprofitable in 2012: CEO

YEREVAN, June 10. /ARKA/. Electric Networks of Armenia operated at a loss in 2012, the company’s general director Yevgeniy Bibin told reporters Friday.

The main reason was purchase of more expensive power generation, Bibin said.

The company will officially report the details after its stockholders’ annual meeting on June 26.
According to the company’s annual report, net profit was 2,826mln drams in 2011 as compared to the profit of 11,669.6mln drams in 2010 (75.8% reduction).

Electric Networks of Armenia (ENA) owns and manages Armenia’s medium and low voltage networks. It is also the exclusive seller of electrical power in Armenia, and is owned fully by Russian Inter RAO UES. It has about 935,000 consumers. ($1=414.14 drams).  -0-


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