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Wednesday, September 10, 2008

Slavneft's US GAAP net profit down 24.4% in 2007

MOSCOW, August 27 (RIA Novosti) - Oil company Slavneft said on Wednesday that its net profit calculated to US GAAP declined 24.4% year-on-year to $532.7 million in 2007. The crude producer said earlier its net profit calculated to Russian Accounting Standards (RAS) declined 94% in 2007 to 1.17 billion rubles ($47.6 million). Slavneft, ranked among Russia's top 10 crude producers, posted a net profit of 6.2 billion rubles ($264 million) in the second quarter of this year, up 19 times against the first quarter of 2008. The company did not give an explanation for the increase. The oil company is co-owned by Gazprom Neft, the oil arm of Russian energy giant Gazprom, and Russian-British joint oil venture TNK-BP.

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