Ukrnafta reduces net profit by 30% in 9 mths
KYIV. Oct 25 (Interfax) - Ukrnafta, the leading oil production company in Ukraine, reduced its net profit by 29.9% year-on-year to 1.72 billion hryvni (7.9756 hryvni/$1 on October 25, 2011) in January-September 2011.
According to the company's financial reporting filed with the information publication system at Ukraine's Securities and Stock Market State Commission (SSMSC), Ukrnafta's net revenue in the first nine months 2011 increased by 35.5% to 18.494 billion hryvni while gross profit decreased by 30.1% to 2.697 billion hryvni.
It was earlier reported that Ukrnafta reduced its production of oil in January-September 2011 by 5.6% (by 92,700 tonnes) year-on-year to 1.577 million tonnes. Ukrnafta's gas condensate output in the nine months decreased by 35.5% (by 76,800 tonnes) to 139,800 tonnes. Production of gas went down by 13.4% (by 250.9 million cubic meters) to 1.617 billion cubic meters, including natural gas output, down 15.2% (by 222.6 mcm) to 1.246 bcm.
Naftogaz Ukrainy owns 50% plus one share in Ukrnafta. A group of companies tied to the owners in Privatbank around 42%.