Naftogaz of Ukraine posts net income of UAH 11.7 bln in 2008

Naftogaz of Ukraine announced on Friday that it had net income of UAH 11.7 bln in 2008, up from UAH 3.1 bln in 2007. The company’s net revenues rose 2x yoy to UAH 50.5 bln. The company related its improved financial results to tax deferral. Sources quoted in daily Kommersant reported that the sharp improvement was because since last April Naftogaz began selling natural gas directly to industrial users, from which it earned about UAH 4 bln in profit.