19 Feb 2010 14:50

Ukrtatnafta net loss widens 43% in 2009

KYIV. Feb 19 (Interfax) - Ukrtatnafta, which operates the Kremenchug oil refinery in Ukraine's Poltava region, saw net losses widen 42.9% to 1.334 billion hryvni in 2009, the company said in a disclosure to the State Commission for Securities and the Stock Exchange.

Net revenue rose 0.1% to 11.443 billion hryvni and the gross loss widened 120% to 1.003 billion hryvni.

Net losses in the third quarter declined 11.8% year-on-year to 487.421 million hryvni. Net revenue rose 110% to 4.486 billion hryvni and the gross loss widened 60% to 704.739 million hryvni.

It was reported earlier that Ukrtatnafta posted a net loss of 934.059 million hryvni in 2008 compared with a net profit of 470,000 hryvni in 2007.

The Kremenchug refinery processed 3.189 million tonnes of crude oil in 2009, 17.7% more than in 2008. It has capacity to refine 18.62 million tonnes a year.

Shareholders of PrivatBank from Dnipropetrovsk have controlled Ukrtatnafta's management since October 2007.

The official exchange rate on February 19 was 7.9997 hryvni.