TNK-BP Holding turns US GAAP net profits of $6.5 bln in 2010, up 24%
MOSCOW. March 23 (Interfax) - Net profits at OJSC TNK-BP Holding calculated to US GAAP came to $6.5 billion last year, a 24% increase on 2009, the company's financial report says.
TNK-BP Holding saw sales revenues increase 31% to $41.113 billion. Revenue from oil sales was up 22.7% at $21.787 billion, and that from oil-product sales - 42% at $17.686 billion.
EBITDA increased 21% last year to $10.235 billion. That was principally a result of sales revenue growth, but was somewhat offset by higher duties, taxes, and expenses, as well as the comparatively negative effect of the profits from the sale of the company's oilfield service business in 2009.
TNK-BP Holding owns a large number of TNK-BP's assets in Russia, excluding TNK-BP property interests in Ukraine, the company Slavneft, and several other of the group's assets.