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Galnaftogaz increases net income by 17.2% y-o-y

Galnaftogaz increases net income by 17.2% y-o-y

12 August 2010

Galnaftogaz (UX: GLNG UK) reported consolidated UAS financials for 1H10 yesterday: revenue jumped 73.7% y-o-y to UAH 3,998 mln, EBIDTA grew 8.0% y-o-y to UAH 264.5 mln, and net income increased by 17.2% y-o-y to UAH 166.4 mln. Andriy Gerus: Galnaftogaz’ 1H results were a positive surprise; we attribute the strong figures to the government closing some tax avoidance loopholes that were used by Galnaftogaz competitor Privat Group, Ukraine’s largest oil product retailer. Subsequently, Privat was not able to take advantage of dumping practices within its business and as a consequence consumers switched to other oil products retailers, such as Galnaftogaz. We are currently revising our recommendation for GLNG.

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