MOSCOW, August 29 (RIA Novosti) - TNK-BP Holding [RTS: TNBP] said Wednesday its net profit, calculated to Russian Accounting Standards (RAS), fell 44%, year-on-year, in the first half of 2007, to 21.58 billion rubles (about $840 million).
Sales declined 50% to 188.92 billion rubles (about $7.35 billion), gross profit decreased 63% to 63.35 billion rubles (about $2.5 billion), pre-tax profit was down 44.5% to 26.65 billion rubles (about $1 billion) and operating profit fell 46% to 21.86 billion rubles (about $850 million) in the reporting period, the company said.
TNK-BP, a joint Russian-British venture and Russia's third-largest oil producer, set up TNK-BP Holding in December 2004 as the main profit center of a group of more than 600 companies. The move was part of a strategy to improve TNK-BP's management efficiency and transparency, and was followed by a consolidation of assets of the company's key subsidiaries - TNK, Sidanco and Onako.
