MOSCOW, August 15 (RIA Novosti) - Stroytransgaz, one of Russia's largest engineering companies, said Friday its net profit calculated to Russian Accounting Standards increased 23% year-on-year to 652 million rubles ($26.9 million) in the first six months of 2008.
The company's revenue dropped 3% to 17.5 billion rubles ($722 million) in January-June 2008, against the same period last year.
The financial performance was negatively affected by expenses at the initial phase of the implementation of large projects, including the construction of a gas refining facility in Novy Urengoi, West Siberia, and projects to develop the infrastructure of East Siberia's Vankor oil field.
Stroytransgaz is involved in the construction of oil and gas facilities in 17 countries. Its major shareholder is Russian energy giant Gazprom.
