Galnaftogaz 2006 IFRS Sales Up 36%, Margins Below Projections
4 July 2008
Galnaftogaz (GLNG: U/R) today reported its audited 2006 IFRS financials. The company posted USD 514.7 mln in net sales (+36% yoy, 1.5% above our forecast), EBITDA of USD 26.2 mln (margin of 5.1%, up from 4.2% in 2005, but 0.3 p.p below our forecast), and net income of USD 8.3 mln (+15.5% yoy, below our projected increase of 38.4%).
