The net profits of oil company YUKOS fell by 12.2% to USD 462 million in the first quarter of 2002. According to the company's press office, these figures were published on Wednesday in the consolidated financial report written under US GAAP standards and recently checked by PricewaterhouseCoopers.
Deputy Manager of YUKOS Michael Hodorkovsky said that the low oil prices on the world market had contributed to the poor financial results of the company. ' We are expecting that the now improved oil prices on the world market will have a beneficial effect on the financial figures of the next quarter,' Hodorkovsky added.
According to the report, YUKOS increased its oil extraction in the first quarter of 2002 by 16.4% to 15.6 million tons and its oil processing by 7% to 7.1 million tons. Proceeds from realisation and other income in the first quarter of this year came to USD 2,009 billion ( in the first quarter of 2001 - USD 2,412 billion).
YUKOS was founded on 15 April 1993. The company has shares in several oil-extracting enterprises: Yugansk Oil and Gas, Samara Oil and Gas, Eastern Oil Company, Eastern Siberian Oil and Gas Company and Angara Oil and Chemical Company. YUKOS consists of a number of oil-processing factories, marketing enterprises and research institutes. In 2001 the company's enterprises extracted 58.07 million tons of oil and processed 29 million tons of oil.