Sibneft posts Q3 profit figures

11.11.2002 | Source:

Pravda.Ru

According to Sibneft's unconsolidated financial report, which was made in accordance with the Russian accounting standards, the oil company's net income amounted to 2.703bn rubles (about $85m) in the third quarter of 2002, which was 57.93 percent higher than in the second quarter of 2002. The increase in incomes was due to a decrease in production costs and a gain in sales revenues, the company stressed. Sibneft got 1.712bn rubles ($54m) in profits in the second quarter of this year, while in the first three months of this year it had losses totaling 317.9m rubles (about $10m). On the whole, the company's net income for the first 9 months of 2002 amounted to some 4.097bn rubles ($129m).

The company's assets grew by 34.99 percent to 96.848bn rubles ($3.05bn) in the third quarter of 2002, which was due to an increase in accounts receivable and long-term financial investments of the company.

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