MOSCOW (Thomson Financial) - RAO Unified Energy System (UES) said its first quarter net profit according to Russian Accounting Standards (RAS) totaled 2.671 billion roubles, down from 433.767 billion roubles, after it wrote down the value of an unspecified number of its assets, Interfax reported.
The Russian government is currently selling off UES's utilities and other assets in order to fund extensive power plant and electricity distribution network upgrades.
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