Sibneft posts $10.17m in net losses in first quarter of 2002

Sibneft posted a net loss of RUR317.9 million (around $10.17 million) in the first quarter of 2002 according to the Russian accounting standards. According to the company's report, at the end of 2001 Sibneft's profit was RUR1.750 billion (around $56 million), while the profit in the forth quarter of 2001 was RUR55.3 million (around $1.76 million). The company's loss in the first quarter of 2002 was due to a decrease in Sibneft's revenues and an increase in the company's non-production costs. The amount of the company's assets was RUR51.28 billion (around $1.64 billion) at the end of 2001, while the amount of assets at the end of the first quarter of 2002 was RUR58.25 billion (around $1.86 billion). The company's assets grew 13.58 per cent over the first quarter of 2002 owing to an increased volume of construction in progress, reserves and, accordingly, the asset-related value-added tax, along with an increase in the company's debt, short-term investments and cash. According to the company's comments, these financial data are only applicable to Sibneft and do not include the performance of the company' subsidiaries. It is expected that the company's consolidated profit according to GAAP will be $1.1 billion in 2001.

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