ARTSAKH HYDROPOWER PLANT EARNS 240 MILLION DRAMS IN NET PROFIT IN FIRST QUARTER
/ARKA/
May 3, 2010
YEREVAN
Artsakh Hydropower plant open joint stock company earned 240
million Drams in net profit in the first quarter of 2010, its CEO
Vahram Beglarian said at the annual meeting of its shareholders,
the first after its IPO. He said electrical power production has
grown year-on-year by 88% to 58 million KWh.
Starting April 6, 2010, Armswissbank began providing buy and sell
prices for the stocks of Artsakh Hydropower Plant (HPP) company,
that has been listed on NASDAQ OMX Armenia since October 29, 2009
under ticker symbol AHEK. Nasdaq OMX Armenia said earlier a total of
5,962,074 common nominal stocks of the company with nominal value of
AMD 1,000 were included in the B list of the stock exchange.
Vahram Beglarian said Trkhi-2 hydropower plant will be commissioned
by the end of this year. In 2011 construction of two other hydropower
plants-Madakhis-1 and Madakhis-2 is expected to be over as construction
of Trkhi-2 will continue. Artsakh hydropower plant is the largest
power production facility in Nagorno-Karabakh accounting for 50%
of local power needs.