Lenenergo announced earnings results for the first quarter of 2017. For the quarter, the company boosted net profit to International Financial Reporting Standards (IFRS) 21.2% year-on-year to RUB 2.374 billion. Revenue grew 17.4% to RUB 15.025 billion. Revenue from electricity transmission increased 10.62% year-on-year to RUB 12.674 billion and from grid connection 3.08-fold to RUB 1.75 billion. Revenue from other activities fell 22.45% to RUB 601 million. The company said that the growth in revenue from electricity transmission in first quarter of 2017 compared to first quarter of 2016 was due to an increase in tariff rates in 2017. Operating profit increased 4.01% to RUB 2.62 billion and EBITDA was up 21% to RUB 5.85 billion. Net debt at the end of first quarter of 2017 was RUB 23.695 million, 1.64% lower than at the end on 2016. Net debt was lowered through optimizing the credit portfolio.