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).