MOSCOW, May 16 (RIA Novosti) - Transnefteproduct said Tuesday its net profit for the first quarter of 2006 calculated to Russian Accounting Standards fell 31.9% year-on-year to $24.2 million.
The oil company's earnings for the same period increased 3%, to 2.65 billion rubles ($98 million) whereas gross profit fell by 25.2% to 1.09 billion rubles ($40. 5 million).
Sales profits also fell 29.7%, to 939 million rubles ($34.8 million) and pre-tax profits were down 30.4% to 895 million rubles ($33.1 million).
The company said its net profit in 2005 increased by 15% against 2004 to 3.73 billion rubles ($138 million).
Transnefteproduct is a 100% state-owned company with authorized capital of 1.26 billion rubles ($46.78 million).
