YUKOS net profits rocket

Over the first nine months of 2002, net profits of the YUKOS Oil Company surged by nine times as compared to the corresponding period of 2001 to RUR90.802bn (about $2.85bn), the National Association of Stock Market Participants (NAUFOR) reported. The reason for the growth was an increase in non-sales revenues by RUR78.378bn (about $2.46bn) over the third quarter of 2002 against the second quarter of 2002 due to allocating the resources of the company's subsidiaries.

According to the data of the non-consolidated financial statement under the Russian accounting standards, the company's sales revenues declined in the first three quarters of 2002 by 19.7 percent to RUR19.387bn (about $609.22m). At the same time, prime costs amounted to RUR10.007bn (about $314.46m), decreasing by 33 percent as compared to the similar figure of 2001.

Sales profits went down to RUR4.956bn (about $155.74m) against RUR5.094bn (about $160.08m) in the third quarter of 2001. Over the first nine months of 2002, profit before taxes was RUR91.813bn (about $2.89bn) as compared to RUR9.758bn (about $306.64m) in the corresponding period of 2001. The profit tax and other compulsory payments amounted to RUR1.011bn (about $31.77m), while in the first three quarters of 2001, these payments were RUR792m (about $24.89m).

In January-September 2002, the company's debit indebtedness went up by 1.6 times from RUR30.567bn (about $960.55m) to RUR47.504bn (about $1.49bn). At the same time, YUKOS's credit indebtedness plummeted by 34.1 percent to RUR56.707bn (about $1.78bn).

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