Centrenergo's Net Income Surpasses USD 14 mln In 2005 - CEO.

Centrenergo (CEEN: BUY) seems to have turned its around after reporting net losses of USD 6.2 mln in 2004 and net losses of USD 20.1 mln in 2003. Concorde Capital: Bad debt write-offs in 2003 and 2004 lead to losses.In 2005 CEEN stopped this practice, as the law on debt offsetting promises to clear the company’s debt account. CEEN decreased electricity production by 1.9% yoy in 2005, but electricity tariff growth raised its revenue by about 19% yoy. We expect the company to increase its electricity output by 3% yoy and revenue by at least 15% yoy in 2006.