TNK H1 financial results released

In accordance with the GAAP, the net income of Tyumen Oil Company (TNK) amounted to $302m in the first half of 2002, which was some 73 percent lower than in the corresponding period of last year when it was $1.117bn, the Zenit bank stated in its analytical report.

EBIT amounted to $561m in the first six months of this year, compared to $1.482bn in the corresponding period of 2001. Sales revenues were $2.374bn in the period from January to June 2002, compared to $6.173bn in the first half of 2001. The company's borrowings amounted to $2.724bn in the reported period, compared to $2.78bn in 2001. The company's liabilities were $4.753bn, compared to $4.892bn last year.

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