Ukrnafta 9M11 pretax earnings hurt by oil rent hike
26 October 2011
Ukrnafta (UX: UNAF UK, N/R) decreased its profit before tax by 39% y-o-y to UAH 1.84 bln in 9M11 according to preliminary financials in a press release yesterday. Ukrnafta usually posts financials two weeks after preliminary results. Net revenues increased by 36% y-o-y to UAH 18.5 bln during the period. In 3Q11, net income increased by 34% q-o-q despite a 15% drop in revenues q-o-q. Antonina Davydenko: An increase in oil prices compensated for a 5.6% y-o-y decrease in oil output in 9M11 and caused a 36% increase in revenues, but a 40% oil rent hike since the beginning of the year hurt gross profit, which fell 30% y-o-y to UAH 2.7 bln. Ukrnafta’s EBITDA margin has been steadily growing since the start of the year: from 4% in 1Q11 and 14% in 2Q11 to 22% in 3Q11.
