Company news in June 2004 | |||
Novosibirskneftegaz Boosts Net Profit 4-Fold in 1Q
At RUR 47.852 million, net profits of Novosibirskneftegaz OJSC (a subsidiary of SIDANCO petroleum company, which makes part of TNK-BP) climbed 4-fold in 1Q 2004 y-o-y, says the enterprise''s quarterly report posted in the Internet. Novosibirskneftegaz boosted sales-related revenues by 2.1 times in January/March, to RUR 386.445 million, with the cost of sales rising by 67%, to RUR 233.807 million, and sales-related profit soaring 2.5 times, to RUR 109.921 million. At RUR 290.427 million, the company''s receivables dropped by 14.3% in 1Q, whereas payables slipped by 1.6%, to RUR 830.422 million. The company refused to comment on its financial performance in 1Q. The company is developing the Verkh Tarsk oil field in the north of the Novosibirsk region. Industrial production has been carried out since late in 2001, and the plan is to reach its maximum volume by 2007. The field''s balance reserves are estimated at 50.99 million tons of oil (À, Â, and Ñ1 categories); extracted reserves stand at 24.5 million tons. The field''s active development period is some 20 years.
Source: INTERFAX