Home
/
News
/

Ukrnafta’s net income declines 1.9x y-o-y in 1H11

Ukrnafta’s net income declines 1.9x y-o-y in 1H11

27 July 2011

Ukrnafta (UX: UNAF UK) decreased its net income by 1.9x y-o-y to UAH 792 mln in 1H11. Net revenues were up by 75.3% y-o-y to UAH 13 bln, and its gross margin dropped -39.4% y-o-y to UAH 1.4 bln. In 2Q11, net income decreased by 16.5% y-o-y to UAH 762 mln and net revenue was up by 61.9% y-o-y to UAH 6.6 bln. Antonina Davydenko: Ukrnafta’s 1H11 results come as no surprise given the disappointing 1Q11 financials, when earnings dropped to UAH 28.8 mln, down by 20x y-o-y due to transfer pricing, continuing decreases in production figures and a hike in rent payments. However, we saw earnings recovering in 2Q11, up 26x q-o-q, and we expect 2011E net income of UAH 2.5 bln.

Latest News

News

23

02/2022

Separatists may claim entire territories of two Ukrainian regions

Russia has recognized “all fundamental documents” of the self-proclaimed Donetsk and Luhansk People’s Republics (DNR...

News

23

02/2022

U.K. to provide USD 500 mln loan guarantee for Ukraine as IMF mission starts

The British government is going to provide up to USD 500 mln in loan guarantees...

News

23

02/2022

MinFin bond auction receipts jump to UAH 3.5 bln

Ukraine’s Finance Ministry raised UAH 3.3 bln and EUR 7.2 mln (the total equivalent of...