12 Aug 2011 17:03

Slavneft RAS net profits plunge 80% in H1

MOSCOW. Aug 12 (Interfax) - Net profits at Russian oil company Slavneft plunged almost 80% year-on-year to 1.405 billion rubles as calculated to Russian Accounting Standards (RAS) in the first half of 2011, the company reported.

Slavneft attributes this drop to decreased income from involvement in other organizations during the reporting period.

Sales revenues rose 14.6% to 6.213 billion rubles, a key factor in this being higher oil sales prices both at home and abroad.

Gross profits were up 0.5% at 1.682 billion rubles, but sales profits were down 18% at 462.668 million rubles.

Slavneft is owned by on parity beginnings by TNK-BP and Gazprom Neft .