Galnaftogaz' net income rose 35.1% yoy in 1H09

Galnaftogaz (GLNG) said yesterday in a company filing that its net revenues declined 12.7% yoy in 1H09 to UAH 2.2 bln, its gross income grew 44.9% yoy to UAH 495.5 mln, and its net income rose 35.1% yoy to UAH 187.7 mln. Andriy Gerus: Galnaftogaz’ management told us that the main reasons for growth in the company’s profitability were favorable market conditions and cost-cutting measures  done in late 2008-early 2009.