Sibneft posts Q3 profit figures

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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