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Friday, May 05, 2006

Transneft reports increase in net profit

RBC, 02.05.2006, Moscow 18:40:17.Transneft, Russia's oil pipeline monopoly, said its net profit increased 5.4-fold in the first quarter of 2006, to RUR 1.54 billion (about $56.47 million at today's exchange rate) from RUR 284.472 million in the fourth quarter of last year. Transneft said it had planned the net profit increase through "an effective distribution of funds to finance a comprehensive program for each quarter, taking into account seasonal factors." Semyon Vainshtok, President of Transneft, said earlier the company hoped to increase its net profit by about 9 percent in 2006, to RUR 60.7 billion. Transneft's 2005 net profit is estimated at about RUR 55.7 billion, up from RUR 43.9 billion in 2004. The company's authorized capital of RUR 6.220 million is divided into 4.665 million ordinary shares and 1.555 million preference shares, with a nominal value of RUR 1 each. The Federal Property Management Agency has a 75 percent stake (100 percent of voting shares) in Transneft, and private shareholders hold 25 percent of preference shares.

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