6 May 2010 11:19

Belkamneft lowers halves net profit in Q1

IZHEVSK. May 6 (Interfax) - OJSC Belkamneft, subsidiary of Russneft , posted 66.874 million rubles in net profit for January-March 2010, the company said in a statement.

It was earlier reported that the company posted 156.7 million rubles in net profit for the first quarter of 2009. Therefore, this figure halved in the first quarter of 2010.

The statement said that the company's net profit decreased by 54% in comparison with the fourth quarter of 2010 owing to an increase in production costs.

OJSC Belkamneft produces and prepares oil in Udmurtia, Bashkortostan and the Kirov region. The company includes OJSC UNNK, OJSC UNK, OJSC Udmurtgeologia and OJSC Urals Oil.