Ukrnafta’s net income increases 7x y-o-y in 2010

Ukrnafta (UX: UNAF UK) reported its net income for 2010 was UAH 2.646 bln, an increase of 7x y-o-y, according to financial results released in an AGM announcement on Friday. In addition, the company said its shareholders due to vote at an AGM on Feburary 25 on the distribution of 70% of its 2009 profit of UAH 265 mln (USD 33 mln), dividend of UAH 4.89 per share, dividend yield 0.68% to current market price. In a separate announcement on Friday from the Energy Ministry, Ukrnafta released its production figures for January: monthly oil output decreased by 7.7% y-o-y to 178.8 ths mt in January 2011. Last month, the company’s gas production decreased 13.5% y-o-y to 29.7 mln m3, while gas condensate production dropped 36.1% to 16.3 ths mt. In 2010, Ukrnafta’s gas output declined 17% y-o-y to 2.4 bln m3, gas condensate output slumped 10.6% to 269.8 ths mt, and oil output shrank 2.2% y-o-y to 2.2 mln mt. Ukrnafta’s net income for 9M10 was UAH 2.45 bln, compared to a net loss of UAH 281 mln in 9M09.