Sibneft posts preliminary estimates on net profits

Net profits of the Russian oil company Sibneft, calculated by US GAAP standards, are forecasted to drop to $1.05bn in 2002 compared to $1.305bn in 2001, the company's press service reported. The source explained that the company's net profits dropped due to low prices for oil products on the Russian market, the purchases of oil by the Moscow Refinery from third parties, higher single tax rates for production of mineral resources and some other factors.

According to preliminary data, Sibneft's revenues from the sale of oil and natural gas increased 40.2 percent last year, from $3.449bn in 2001 to $4.835bn in 2002. The company's EBITDA reached $1.775bn, which was 3.3 percent more than in 2001. Its debts totaled $2.175bn by the end of 2002 compared to $923m as of the beginning of 2002.

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