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Transneft Q2 Net Profit up 31 Percent to RUR12.531 Billion
In the Q2 report under IAS unveiled yesterday, September 26, 2005, Transneft posted net profit growth of 31 percent on year to 12.531 billion rubles; the revenues climbed 21.5 percent to 44.552 billion rubles.
While analyzing the accounting results of the crude shipment giant of Russia, Troika Dialog analysts pointed to reduction in crude export revenues compared with the first quarter of this year, when Transneft derived $174 million from foreign sales of the YUKOS crude which it received in settlement for the shipment services. Still, the shipment of crude via Transneft increased 1.8 percent to 113 million tons over the same period, reflecting the crude production growth in Russia, the analysts said. The interesting spot is that this growth was achieved simultaneously with a certain drop in the overall export of crude. According to the RF Industry and Energy Ministry, Russia’s export of crude shed 0.65 percent to 168 million tons in January-August, first of all due to the material reduction in export suffered by alternative carriers - railway traffic and inland navigation companies. The experts forecast the alternative carriers may post aggregate crude export losses of over 15 million tons at close of this year.
www.kommersant.com
All the Article in Russian as of Sep. 27, 2005
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