Bloomberg News

Transneft Net Rises 40 Percent on Fees, Acquisition

September 29, 2008

OAO Transneft said first-quarter profit rose 40 percent after Russia's crude pipeline operator raised transit fees and acquired the oil-product network.

Net income advanced to 22.6 billion rubles ($890 million) from 16.1 billion rubles a year earlier, the Moscow-based company said in a statement on its Web site today. Revenue increased 17 percent to 63.6 billion rubles.

State-run Transneft took control of oil-product pipeline operator OAO Transnefteproduct at the end of last year and revenue from transporting refined products reached 2.62 billion rubles in the quarter. Income from shipping crude advanced 18 percent to 58 billion rubles after Transneft was allowed to boost tariffs by an average of 19 percent.

The company also earned 1.46 billion rubles in pretax profit from foreign-exchange gains.

Transneft's preferred shares gained 489.84 rubles, or 2.9 percent, to 17,253.05 rubles on the Micex Stock Exchange in Moscow. The Russian state owns all of Transneft's voting shares.

To contact the reporters on this story: Lucian Kim in Moscow at lkim3@bloomberg.net; Torrey Clark in Moscow at tclark8@bloomberg.net.

To contact the editor responsible for this story: Guy Collins in London guycollins@bloomberg.net


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