Rosneft-Kubannefteprodukt 2009 net profits rise 13.7%
KRASNODAR. May 13 (Interfax) - Oil company Rosneft-Kubannefteprodukt increased its net profits last year by 13.7% to 501.53 million rubles, the company reported.
Sales revenues, however, contracted 20.6% from 2008 to 16.267 billion rubles.
The company told Interfax that increased turnover was part of the reason for the increase in net profits. "We increased the turnover of fuel, and net profit grew on account of that," a company spokesman sad.
Main financial figures for Rosneft-Kubannefteprodukt in 2009 (1,000 rubles):
| 2009 | 2008 | |
| Sales revenue | 16 267 126 | 20 493 340 |
| Production costs | 13 473 609 | 18 125 210 |
| Gross profits | 2 793 517 | 2 368 130 |
| Sales profits | 821 009 | 751 966 |
| Pretax profits | 658 968 | 620 260 |
| Net profits | 501 530 | 441 028 |
Short-term accounts payable contracted over last year from 1.255 billion to 1.218 billion rubles, while accounts receivable dropped from 581.118 million to 277.711 million rubles.
Rosneft-Kubannefteprodukt is mainly involved in storing, marketing, and selling oil and oil products. The company has 18 branches in the Krasnodar territory, which encompass 21 oil depots and 149 filling stations. Rosneft owns 89.5% of Rosneft-Kubannefteprodukt's share capital, or 96.61% of voting shares.