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14:56
UKRAINE'S UKRNAFTA POSTS NET LOSSES OF UAH 494.8 M IN H1

Kyiv, July 27 (Interfax) - Ukrnafta, one of the largest oil producers in Ukraine, posted net losses of UAH 494.836 million in the first half of 2009 compared to net profit of UAH 938.812 million in the same period of 2008, the company said in a statement.

Sales revenue declined 33.1% to UAH 2.743 billion in the half.

The company had gross losses of UAH 106.681 million versus gross profit of UAH 1.391 billion a year earlier.

Net losses totaled UAH 189.18 million in the second quarter of 2009 compared to net profit of UAH 495.82 million in April-June 2008. Sales revenue fell 47.5% to UAH 1.565 billion in the quarter, while gross losses totaled UAH 31.62 million versus gross profit of UAH 685.75 million in the second quarter of 2008.

Ukrnafta boosted net profit 16.2% to UAH 1.438 billion in 2008. Sales revenue increased 90.7% to UAH 9.401 billion last year. Gross profit grew 13.4% to UAH 2.717 billion.

National oil and gas company Naftogaz owns 50% plus one share in Ukrnafta, but the company is controlled by a group that has ties with PrivatBank shareholders.

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