Varyoganneftegaz ups RAS net profit 55% in H1
KHANTY-MANSIISK. July 13. (Interfax) - TNK-BP subsidiary OJSC Varyoganneftegaz , located in the Khanty-Mansiisk Autonomous District, boosted its net profit to Russian Accounting Standards (RAS) 54.8% year-on-year to 932.272 million rubles in the first half of 2012, the company said in its financial statement.
Revenue was down 1.4% to 11.066 billion rubles. Gross profit climbed 15.3% to 2.663 billion rubles, and profit before tax soared 68.6% to 934.976 million rubles.
In the six months of this year, Varyoganneftegaz cut its accounts payable 31.2% to 3.747 billion rubles and reduced its receivables 37.9% to 3.377 billion rubles.
OJSC TNK-BP Holding owns 85.04% of the company's charter capital, or 96.94% of its ordinary shares.
Varyoganneftegaz's balance sheet includes five fields at four licensed sections: Bakhilovskoye, North Khokhryakovskoye, Verkhnekolik-Yeganskoye, Suslikovskoye and Mitrofanovskoye, which is not yet being developed.
