GLNG Announces 2006 UAS Financials

One of Ukraine’s top oil product retailers, Galnaftogaz (GLNG: HOLD), reported a 6.4% yoy dip in net income to USD 7.0 mln in the company’s 2006 consolidated financials based on Ukrainian Accounting Standards (UAS). Vladimir Nesterenko: The traditional gap between the company’s UAS and IFRS financials makes us hesitant to put too much emphasis on this news. We rely more on Galnaftogaz’s audited IFRS financials, which are expected in one or two weeks. According to the company’s recent presentation, the management sees an increase in 2006 IFRS earnings of 3.8%, to USD 8.1 mln.