Galnaftogaz publishes consolidated unaudited 2008 IFRS results

On Friday, Galnaftogaz (GLNG), in a press release, announced its 2008 consolidated unaudited financial results according to IFRS: revenues of UAH 5.5 bln, up 71.8% yoy; EBITDA of UAH 380.9 mln, up 2.1x yoy (margin of 6.9%); EBIT of UAH 311.1 mln, up 2.1x you; and a net loss of UAH 370.8 mln. Over last year the company increased its number of filling stations from 252 to 288. It sold 666.3 ths mt of oil products, up 16% yoy. The company attributed its negative net income to foreign exchange losses from revaluing its dollar-denominated debt, these expenses were one-off non-cash losses.