Source Pravda.Ru

Sibneft reports decline in net profit

The net profit of the Sibneft company decreased to $457.5m in the first six months of 2002 from $615.8m derived in the first six months of 2001, the company's Press Service reported. The EBITDA amounted to $786.1m (compared to $870.5m in the corresponding period of 2001). The revenues increased by 19% to $1.98bn over the reporting period.

The reduction in the profit amid a rise in revenues is due to an increase in the taxes on mineral resources production, depreciation costs and export duties. Sibneft's EBITDA per ton of produced oil exceeds those of the main companies in the Russian oil sector.

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