Interfax reported that Ukraine national oil and gas company Naftogaz Ukrainy reduced its net loss to International Financial Reporting Standards by 46.5% to UAH 12.155 billion in 2010.

The document said last year's revenue was up by 41.6% to UAH 92.743 billion and gross profit grew 1.9-fold to UAH 10.768 billion.

Auditing company BDO conducted the audit of Naftogaz's consolidated financial report to IFRS for 2010. The auditor signed the document on December 12 2011.

Naftogaz Ukrainy manages the country largest oil and gas production companies. It holds the monopoly for transit and storage of natural gas in underground facilities as well as for pipeline transport of oil in the country.

(Sourced from Interfax)