10 Nov 2010 16:27

Naftogaz Ukrainy IFRS net losses soar 92% in 2009

KYIV. Nov 10 (Interfax) - Net losses at Ukraine's state oil and gas holding company Naftogaz Ukrainy increased about 92% last year to 22.701 billion hryvna, as calculated to International Financial Reporting Standards (IFRS).

Naftogaz Ukrainy's audited consolidated financial report says the company's revenues increased 23.2% last year to 65.496 billion hryvna, while gross profits climbed 19.8% to 5.778 billion hryvna. This report was prepared by Ernst & Young.

The company encompasses major Ukrainian oil and gas-producing companies. It holds a monopoly on the transit and underground storage of natural gas, well as pumping oil through the country's pipelines.

The official exchange rate for November 10: 7.9107 hryvna/$1.