Transneft IFRS net profit surges 140% to 143.4 bln rubles in 2015
MOSCOW. April 7 (Interfax) - Transneft , Russia's oil pipeline monopoly, increased its net profit to IFRS by 140% or 83.9 billion rubles to 143.4 billion rubles in 2015, the company reported in a statement.
Transneft's EBITDA grew by 5.7% or 19.8 billion rubles to 368.2 billion rubles in 2015.
The growth of net profit and EBITDA was driven primarily by growth of revenue from crude oil and oil product transportation services, the company said.
Revenue rose by 41.3 billion or by 5.3%. Revenue from the provision of oil transportation services increased by 59 billion rubles or 11.8%, revenue from petroleum product transportation services was up by 9.1 billion rubles or 18.9%, however revenue from the sale of commercial oil fell by 21.7 billion rubles or by 11.2% due to the fall in revenue from the sale of commercial oil for export, which is attributable to the fall in prices for oil in dollars per barrel amid the rise in the dollar's exchange rate.
Operating spending (without account of depreciation and amortization and the cost of sales of sold goods) amounted to 277.9 billion rubles, which is 19.2 billion rubles or 7.4% higher than inferred operating costs in 2014.
Oil transfers to recipients for the year amounted to 481.4 million tonnes, which is 3.9 million tonnes or 0.8% higher than in 2014, the volume of petroleum products that were handed over was 32.2 million tonnes, up 1 million tonnes or 3.2%.