YUKOS Q1 net profit decreases

According to the report released by the United Financial Group, the estimated net profit of YUKOS, in accordance with the US GAAP, decreased by 24.6 percent to $436m in the first quarter of 2002 compared to the corresponding period of last year ($579m in the period from January to March 2001). The oil company's EBITDA amounted to $663m, which was 34.2 percent lower than in the first three months of 2001 when it was $1.008bn. According to preliminary estimations, the combined sales volume was $2.005bn in the first quarter of 2002, which was 15.43 percent less than in the period from January to March 2001, when it was some $2.371bn. Moreover, the United Financial Group estimated YUKOS' net profit for 2002 at $2.362bn, which is $1.13 per share, and at $2.805bn in 2003, which is $1.33 per share. According to preliminary estimations, EBITDA will amount to $3.451bn in 2002 and to $4.109bn in 2003. The combined volume of sales is expected to be $9.624bn in 2002 and $9.99bn in 2003. As it was reported earlier, YUKOS' net profit, according to the US GAAP, was $3.348bn, and EBITDA amounted to $3.824bn in 2001. The oil company plans to posts official results for the first quarter of 2002 at the end of August or at the beginning of September 2002.

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