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Sunday, 20 July, 2008, 22:40 GMT | more prices >>

Transneft profits take a tumble

By Upstream staff

Russia's pipeline monopoly Transneft reported a 33.6% drop in net profit for the third quarter of 2007, while revenue rose by 8%.

Transneft said its profit, calculated under International Financial Reporting Standards (IFRS), fell to 9.96 billion roubles ($420.8 million) in the quarter from 15 billion a year before.

Revenue increased to 55.05 billion roubles from 50.95 billion.

In the first nine months of the last year, Transneft's net profit reached 45.94 billion roubles, down by 9.7% from the same period of the previous year.

Sales rose to 164.55 billion roubles in January through September 2007 from 152.28 billion the year before.