It is reported that public joint stock company Ukrnafta, the largest oil extracting company in Ukraine, in January to June 2011 cut its net profit by 1.9 times YoY to UAH 791.95 million.

The company said that its net income in H1 2011 soared by 75.3% to UAH 12.905 billion while its gross profit fell by 39.4% to UAH 1.37 billion.

In April to June 2011, Ukrnafta cut its net profit by 16.5% compared to Q2 2010 to UAH 763.16 million and its net income rose by 61.9% to UAH 6.568 billion. The company gross profit was down by 18.7% to UAH 1.009 billion.

As reported, in 2010, Ukrnafta net profit soared by seven times to UAH 2.646 billion while its net revenue doubled by UAH 10.031 million to UAH 20.01 billion.

(Sourced from www.interfax.com.ua)