Transneft's expects net profit of $772.8m for 2001

Transneft vice president Sergey Grigoriev told that the company's board of directors had considered the annual business report for 2001 today. According to preliminary data, the net earnings of the Russian oil transportation holding will reach about RUR24bn (about $772.8m), and the net profit of the parent company will be RUR14.6bn (about 470m). The Transneft sales volume is expected to amount to RUR70bn (about $2.25bn) for 2001. The tentative amount of gross profit will be RUR36bn (about $1.16bn), and tax expenses - about RUR21.5bn (about $692.3m) including RUR8bn (about $257.6m) in profit tax expenses.

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