MOSCOW, October 26 (RIA Novosti) - Oil pipeline monopoly Transneft [RTS: TRNF] said Friday its net profit calculated to International Financial Reporting Standards (IFRS) grew 0.2% y-o-y in the first half of 2007 to $1.45 billion.
Transneft's sales increased 8% to 110 billion rubles ($4.4 billion) in the reporting period, with operating profits up 2% to 51 billion rubles ($2 billion) and pretax profits growing 1.3% to 50 billion rubles ($2 billion), year-on-year.
The company's operating costs grew 19% to 63 billion rubles ($2.5 billion) in January-June 2007, against the same period last year.
Transneft said earlier its consolidated profit should reach 64 billion rubles ($2.6 billion) this year.
Last year, Transneft posted a 2% increase in net profit to 55 billion rubles ($2 billion), year-on-year.
Transneft is the world's largest oil pipeline company, in which the Russian government holds a 75% stake.
