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Transneft pipe operator posts 10% drop in 1Q IFRS net income

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MOSCOW, July 3 (RIA Novosti) - Russia's state-run oil pipeline operator Transneft said Tuesday its net income, calculated to International Financial Reporting Standards (IFRS), declined 10.1%, year-on-year, in the first quarter of 2007 to 16.82 billion rubles (about $652 million).

Transneft, which owns 48,708 kilometers (30,265 miles) of long-distance pipelines, said its revenues grew 6.8% in the reporting period, to 54.34 billion rubles (about $2.1 billion), while operating profit fell 6.74%, to 23.84 billion rubles (about $924 million), and pre-tax profit was down 6.9%, to 23.79 billion rubles (about $922 million).

The government of Russia holds a controlling stake (75%) in Transneft, which corresponds to 100% of the voting shares. The company's privileged shares are privately owned. The authorized capital of Transneft is 6.2 million rubles ($240,000), divided into 4.7 million ordinary and 1.6 million privileged shares priced at 1 ruble ($0.04) per share.

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