YUKOS releases 2002 financial results

YUKOS net income calculated under US GAAP amounted to $3.058bn in 2002, which was a 3.1 percent drop compared to 2001, the company told RBC. EBITDA grew by 3.4 percent to $3.994bn last year. Revenue was up 20.2 percent to $11.373bn.

YUKOS net income in the fourth quarter of 2002 calculated in accordance with US GAAP advanced by 2.3 times to $933m, compared to the corresponding period of 2001. EBITDA surged by 1.63 times to $923m. Revenue in the reported period was $3.424bn, which was 1.77 times higher than in the fourth quarter of 2001. Operating expenses were $462m, a 61-percent decrease compared to the corresponding period in 2001.

The production cost of oil and gas without amortizations and taxes was $1.67 per barrel of the oil equivalent in the fourth quarter of 2002, which was a 7.2-percent drop compared to the fourth quarter of 2001.

© &to=http://www.rbc.com' target=_blank>RBC