Transneft boosts H1 IFRS earnings 150% to 129.9 bln rubles
MOSCOW. Sept 20 (Interfax) - Transneft boosted net profit to International Financial Reporting Standards (IFRS) 150% year-on-year in H1 2011 to 129.9 billion rubles, the Russian oil pipeline operator said.
Net profit was 45.078 billion rubles in Q2 2011, also 150% higher than in the same period of last year.
Sales revenue grew 40% to 296.5 billion rubles in H1 and was 147.3 billion rubles in Q2.
Operating costs rose 44.6% in H1 to 190.2 billion rubles and 30% in Q2 to 91.8 billion rubles.
Operating profit grew 40% to 106.3 billion rubles in H1 and 40% to 55.5 billion rubles in Q2.
Pretax profit rose 130% in H1 to 156.4 billion rubles ands 110% in Q2 to 56.8 billion rubles.
Payables fell 1.3% during H1 2011 to 96.6 billion rubles.
Transneft bought a discounted promissory note for 1 billion rubles, redeemable on or after October 2012; lent Omirico Ltd $173.5 million repayable in five years at 5.27%; and bought discounted promissory notes redeemable not before July-November 2011 for 15.552 billion rubles and discounted notes redeemable not before July 2011-June 2012 for $2 billion.
Transneft shipped 232.7 million tonnes oil to consumers in Russia and abroad in H1 2011, compared with 227.9 million tonnes in the same period of last year. Petroleum product shipments rose to 15.4 million tonnes from 14.6 million tonnes.