26 Jul 2010 16:52

Ukrtatnafta sees H1 net losses quintuple

KYIV. July 26 (Interfax) - Ukrtatnafta (Kremenchug Oil Refinery) saw its net losses in the first half increase 410% year-on-year to 2.084 billion hryvna.

Gross losses increased 11.8-fold to 1.669 billion hryvna, while net income for the half grew 130% to 8.920 billion hryvna.

Q2 net losses came to 725.57 million hryvna, 93.5% more year-on-year. Gross losses increased almost 120% to 516.06 million hryvna, and net income grew 140% to 5.009 billion hryvna.

The oil refinery processed 51.7% more crude oil year-on-year - 1.869 million tonnes.

Ukrtatnafta net losses in 2009 were up 42.9% from 2008 at 1.334 billion hryvna. The Kremenchug refinery's management has since October of 2007 been controlled by the shareholders of PrivatBank in Dnepropetrovsk.

The official exchange rate for July 26: 7.896 hryvna/$1.