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a decrease in other operating income by 2.96 times y/y to 121mn rubles. Net profit decreased 2.25 times y/y to RUB 685.2mn. against the backdrop of an increase in interest expenses on debt obligations by 1.73 times y/y to RUB 823.5mn.
Rosseti Center published IFRS results for 1Q24. EBITDA decreased by 6.5% y/y to RUB 8.43bn. against the backdrop of revenue growth by 4.5% y/y to RUB 35.15bn. Operating profit decreased by 16.2% y/y to RUB 4.9bn, which was mainly due to an increase in employee benefits costs (+11.4% y/y to RUB 7.2bn) and other expenses (increase by 3.53 times y/y to RUB 1.59bn). An increase in interest expenses on debt obligations by 2.07 times to RUB 1.48bn. put pressure on net profit, which decreased by 35% y/y to RUB 2.48bn.
Rosseti Center and Volga region published IFRS results for 1Q24. Operating profit increased by 2.8% y/y to RUB 8.12bn, and revenue increased by 7.6% y/y to RUB 36.63bn. Pressure on the operating margin of the business was mainly exerted by increased expenses for employee benefits (+9.9% y/y to RUB 5.76bn) and depreciation (+14.8% y/y to RUB 3.16bn). The company's EBITDA increased by 6.2% y/y to RUB 12.09bn. Net profit for the period decreased by 3.5% y/y to RUB 6.12bn, which was mainly due to an increase in net interest expenses by 9.9 times y/y to RUB 676.3bn.
On May 27, Rosseti Volga published IFRS results for 1Q24. The company's revenue increased by 2.8% y/y to RUB 20.72bn, and operating profit increased by 80.9% y/y to RUB 2.34bn. The main driver of operating profit growth was the increase in other operating income to RUB 816.3mn. (compared to RUB 46.7mn a year earlier). EBITDA increased by 33.8% y/y to RUB 3.96bn. Net profit for the period increased 1.87 times y/y to RUB 1.585bn.
On May 27, Rosseti Kuban published IFRS results for 1Q24. Revenue grew by 13.7% y/y to RUB 21.2bn, while operating expenses increased by only 7.5% y/y to RUB 16.8bn. The main driver of revenue growth was an increase in revenue from technical connection to networks by 5.2 times to RUB 1.77bn. Operating profit increased by 52.2% y/y, including due to an increase in other operating income by 4.36 times y/y to RUB 705.1mn. EBITDA increased by 46.5% y/y to RUB 7.34bn, and net profit increased 1.59 times y/y to RUB 3.42bn.
9.2.11 Mines and Minerals - gold & diamonds
The price of gold rose to a new all-time high, while silver set an 11-year price record. Gold rose to $2,430 per ounce on May 20, a new record high. This came after the latest US economic data fueled speculation that the Federal Reserve could cut interest rates at least twice this year. Meanwhile,
180 RUSSIA Country Report June 2024 www.intellinews.com