Surgutneftegaz reports sharp fall in profits

The net profit of the Surgutneftegaz Joint-Stock Company reduced by 55% to $207m in the first quarter of 2001 compared to that in the first quarter of 2001. The United Financial Group reported this information to RBC with reference to official documents of Surgutneftegaz. The company's balance-sheet profit fell by 53% to $297m in the reporting period, and the amount of sales revenues decreased by 11% to $1.11bn. The authorized capital of Surgutneftegaz reached RUR43.43bn ($1.39bn) in the reporting period.

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