Company news in September 2004 | |||
TNK-BP’s Net Profit Stands at $1.73 Billion in 1H04
The net profit of Russo-British TNK-BP amounted to $1.73 billion on 1H04, informed the company’s CFO Mr. Kent Potter at the presentation for investors in Moscow on September 13. The company’s net profit under US GAAP came to $1.186 billion in 1H03, as reported earlier by BP’s President Lord John Brown. In this way, TNK–BP’s net profit grew by 45% in 1H04. Mr. Potter also informed that TNK-BP’s EBITDA came to $2.78 billion in 1H. The company’s net debt shrank down to $691 million over the accounting period. In 2003, the company’s debt calculated on the historic principle was $1.86 billion. TNK-BP’s capital expenditures came to $515 million in 1H. In 2003, this parameter amounted to $855 million. ÂÐ and AAR hold 97% inTNK-ÂÐ. AAR contributed its stakes in TNK International and SIDANCO, stakes in RUSIA Petroleum, in a gas field developed by Rospan in West Siberia in a new company; later on, 50% held by Russian shareholders in Slavneft Oil and Gas Company. ÂÐ transferred its stake in SIDANCO and RUSIA Petroleum as well as a holding in a Moscow-based chain of retail filling stations in the new company.
Source: INTERFAX