MOSCOW, June 5 (RIA Novosti) - Transneft (RTS: TRNFP) said Monday its net profit calculated to International Financial Reporting Standards rose 23.6%, year-on-year, in 2005 to 53.81 billion rubles (about $1.8 billion).
The state-owned oil pipeline operator said its earnings had grown 20.6% in the reporting period to 181.53 billion rubles (about $6.3 billion). Core business profits went up 23.6% to 75.18 billion rubles (about $2.6 billion) and pre-tax profit was up 23.9% to 73.44 billion rubles (about $2.5 billion).
Transneft, which has announced that it will pay 80% more in dividends for 2005 than it did in 2004, said its long-term assets had grown 14.9% in the reporting period to 341.96 billion rubles (about $11.9 billion) and its short-term assets had increased 25% to 76.36 billion rubles (about $2.6 billion).
The oil pipeline monopoly, whose board of directors recommended the company's annual shareholders' meeting to pay 860.72 million rubles (about $31.8 million) on ordinary shares or 184.54 rubles (about $6.83) per share and 460.80 million rubles (about $17 million) on preferred stock or 296.36 rubles (about $10.97) per share, said its long-term liabilities had decreased 26.4% to 36.67 billion rubles (about $1.28 billion).
The state owns 75% of Transneft stock or 100% of its voting shares. The company has charter capital of 6.22 million rubles (about $216,000). Preferred shares are held by private owners.
