Uknafta Revenue 20.4% Down in 1Q08, Net Income Stable

Ukrnafta (UNAF: SELL) reported 20.4% yoy decrease of sales to USD 221.2 mln in 1Q07, while the company’s net income remained almost stable over 1Q07, at USD 95.8 mln (+2.8% yoy). Vladimir Nesterenko: Ukrnafta’s 1Q08 revenue was most likely affected by defferred sales of oil & condensate (see our news from Apr.22). Unless full version of financial reports is available, it’s hard to determine what supported the bottom line.