Transneft Q2 Net Income up 20 pct

Posted by Joseph Keefe
Friday, August 29, 2014

Russia's state-owned oil pipeline monopoly Transneft said on Friday its second-quarter net profit, attributable to shareholders, rose 20 percent year-on-year to 50.45 billion roubles ($1.4 billion) on the back of derivatives revaluation.

The company, which carries oil through Russia's 50,000 km-long network of pipelines, increased revenues by 2 percent in the period to 189.8 billion roubles, it said in a statement.

Reporting by Vladimir Soldatkin

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