Ukrnafta’s revised 9M11 profit is down 37% y-o-y

Two weeks after posting preliminary earnings data for 9M11, Ukrnafta (UNAF UK) posted updated figures: earnings were revised downward by UAH 174 mln to UAH 1.55 bln, down 37.0% y-o-y. The downgrade in earnings compared to preliminary data, as usual, was mostly due to the inclusion of corporate profit tax in the last quarter. The company told us its plans to eliminate its practice of reporting preliminary and revised results separate next year. Antonina Davydenko: Revised profits for 3Q11 are in line with our expectations; the UAH 174 mln difference between the preliminary and revised figures points to a 17% effective tax rate in 3Q11 vs. 14% in 2Q11.