TNK-BP net profits rise 21% to $2.4 bln in H1
MOSCOW. July 27 (Interfax) - TNK-BP International saw first-half net profits rise 21% year-on-year to $2.4 billion, the company said.
H1 sales revenues were up 43% year-on-year at $20.747 billion.
EBITDA came in at $4.7 billion for the half, 22% more year-on-year. "The growth was mainly due to the combined effect of increased sales revenues, taxes, and expenses, as well as one-time profits from the receipt of funds relating to customs-duty claims in earlier periods," the company said in a press release.
Export duties and other taxes were up 82% year-on-year. "This was largely associated with the influence of growth in Urals prices on export duties and resource-extraction taxes. This impact was partially offset by a drop in export sales volume," the company said.
Cash expenditures (operating, transport, commercial, general, and administrative-management) were up 18% due to a strengthening ruble and higher transport and electrical power tariffs.
TNK-BP paid 24% more profit tax in H1, having increased pretax profits, and also because of a one-off reductions of reserves for paying tax claims in H1 2009.
Cash flow from core business came to $3.9 billion, up 37% year-on-year.
Net debts were flat year-on-year, with a coefficient of 26%.
"The volume of organic capital expenditures was $1.6 billion, which was invested in the targeted development of new and mature deposits, as well as in projects in the spheres of retail trade and oil-refining," the company said.