TNK-BP Holding US GAAP net profits surge 64% in H1
MOSCOW. Aug 23 (Interfax) - Net profits to US GAAP at OJSC TNK-BP Holding came to $4.6 billion for the first half of this year, a 64% year-on-year increase, the company reported.
The company's EBITDA for the first half came to $7 billion, up 50% largely thanks to rising prices and the positive effect of the export duty lag.
The increase in profit exceeded EBITDA growth primarily because of the relatively stable level of cost for amortization.
The company' sales revenue went up by 38% to $26.55 billion.
The Russian consortium of Alfa-Access Renova (AAR) and BP each own 50% in TNK-BP Limited, which in turn owns 100% of BVI-registered TNK-BP International, whose assets include 95% of TNK-BP Holding and 49.5% of Slavneft, 63% of RUSIA Petroleum , 100% of STBP Holdings Limited, 50% of East Siberian Gas Company, 95% of LINIK Oil Refinery (Ukraine) and 100% of BP Commerce (Ukraine).