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Transneft's net profit down 17.3% to $615.78 mln in 1Q09

17:07 07/08/2009

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MOSCOW, August 7 (RIA Novosti) - Russia's Transneft posted on Friday a 17.3% drop year-on-year in its net profit calculated to International Financial Reporting Standards to 19.2 billion rubles ($615.8 mln) in the first quarter of 2009.

The oil pipeline monopoly's IFRS sales amounted to 85.2 billion rubles ($2.7 billion) in the reporting period, up almost 34% against the first three months of 2008.

Transneft owns around 50,000 kilometers (31,000 miles) of trunk oil pipelines and transports 93% of all crude oil extracted in Russia. The Russian government has a 78% stake in the company.

Russia's state savings bank Sberbank issued Transneft an 11.9 billion-ruble ($382.6 million) loan on Monday to build the East Siberia - Pacific Ocean (ESPO) pipeline system to transport oil from Siberian deposits to the Asia Pacific Region.

Transneft also received 12.89 billion rubles ($416.3 million) from Sberbank in late March.

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Transneft's net profit down 17.3% to $615.78 mln in 1Q09

17:07 07/08/2009 Russia's Transneft posted on Friday a 17.3% drop year-on-year in its net profit calculated to International Financial Reporting Standards to 19.2 billion rubles ($615.8 mln) in the first quarter of 2009.>>

Other news of the day