Transneft’s 2011 Net Profit Jumps 53% to $6.17 Bln

Russia’s oil pipeline monopoly Transneft saw its 2011 net profit soar 53.1 percent year-on-year to 191.218 billion rubles ($6.17 billion) to IFRS, the company said in a statement on Thursday.

The company’s pre-tax profit rose 50 percent to 235.529 billion rubles, while Transneft’s revenue grew 50 percent last year to 670.270 billion rubles.

Operational expenses jumped 63.2 percent to 457.848 billion rubles. The company’s long-term liabilities fell 7.1 percent to 681.196 billion rubles in a period from December 31, 2010 to September 30, 2011, while short-term liabilities soared 62.35 percent to 180.483 billion rubles in the same period.


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