Galnaftogaz 2008 IFRS: revenue up 72% yoy

Galnaftogaz (GLNG) released its 2008 financial results according to IFRS: the company’s revenue came to UAH 5.51 bln (up 71.7% yoy), gross income to UAH 473.3 mln (up 115.5% yoy), and operating income to UAH 225.0 mln (up 52.7% yoy). The company also recorded a net loss of UAH 420.9 mln, vs. net income of UAH 62.2 mln in 2007. Galnaftogaz said that its assets as of yearend 2008 amounted to UAH 473.3 mln, up 107.3% yoy. Andriy Gerus: Galnaftogaz’ net loss was caused by the revaluation of the company’s credits that are mostly USD-denominated.