Transneft first half profit soars 150%

Russia's oil pipeline monopoly Transneft saw its January-June 2011 net profit soar 150 percent year-on-year to 129.936 billion rubles ($4.22 billion) to IFRS, the company said in a statement on Tuesday. Revenue rose 42.4 percent year-on-year to 296.478 billion rubles in the first half of 2011. Operating profit rose 40 percent to 106.286 billion rubles, operating costs increased 40 percent to 190.192 billion rubles, the firm said. Pre-tax profit amounted to 158.081 billion rubles in January-June 2011, up 120 percent on January-June 2010. Transneft's long-term liabilities in the first half fell 12.7 percent to 640.413 billion rubles, while short-term liabilities rose 37 percent to 152.328 billion rubles.