YUKOS Posts Net Profit Of 1.5Bn In First Six Months Of 2001

The YUKOS Oil Company published consolidated financial results recorded in accordance with the US GAAP standards for the second quarter and the first six months of 2001, the company's Press Service reports. In the second quarter the net profit reached 26.7 billion rubles (about $920 million), or 12.62 rubles (about $0.43) per share. The net profit in the first six months of 2001 amounted to 44.8 billion rubles (about $1.5 billion), or 21.18 rubles (about $0.73) per share, which corresponds with respective figures for the first six months of last year. Despite a rise in foreign currency revenues, the net revenues (the total revenues plus revenues from auxiliary operations minus excises, export duties and transportation costs) reached 114.4 billion rubles (about $3.9 billion) in the first six months of 2001, which is 3% less than the corresponding figure for last year. The volume of capital investments more than doubled compared to the corresponding period of last year and reached 12.9 billion rubles (about $442 million). The company's financial reports have been reviewed by the PriceWaterhouseCoopers company.