December 04, 2008

Transneft H1 net profit up by 0.2% YoY

RIA Novosti reported that Russian oil pipeline major Transneft’s net profit calculated to International Financial Reporting Standards grew by 0.2%YoY in the first half of 2007 to USD 1.45 billion.

Transneft's sales increased by 8% YoY to RUB 110 billion (USD 4.4 billion) in the reporting period, with operating profits went up by 2% YoY to RUB 51 billion (USD 2 billion) and pretax profits grew by 1.3% YoY to RUB 50 billion (USD 2 billion).

Transneft had earlier said that its consolidated profit should reach RUB 64 billion (USD 2.6 billion) in 2007 as against RUB 55 billion in 2006.

Transneft is one of the world's largest oil pipeline company, in which the Russian government holds a 75% stake.