Net income of Russian oil pipeline monopoly Transneft for the first quarter of 2011 (to IFRS) soared 150 percent to RUB 84.858 billion ($3.03 billion), RIA Novosti reports citing the company's statement.
Revenues surged 45% to 149.181 billion rubles in the quarter, operating revenue rose 20.7% to 50.769 billion rubles. Pre-tax profit more than doubled to 99.582 billion rubles, Transneft said in a statement. Operating expenses went up by 62 percent in January-March this year to 98.412 billion rubles.
The company's assets increased 4.5 percent year-on-year to 1.727 trillion rubles. Liabilities amounted to 835.082 billion rubles in the first quarter, up from 845.198 billion at the end of 2010.
Revenues surged 45% to 149.181 billion rubles in the quarter, operating revenue rose 20.7% to 50.769 billion rubles. Pre-tax profit more than doubled to 99.582 billion rubles, Transneft said in a statement. Operating expenses went up by 62 percent in January-March this year to 98.412 billion rubles.
The company's assets increased 4.5 percent year-on-year to 1.727 trillion rubles. Liabilities amounted to 835.082 billion rubles in the first quarter, up from 845.198 billion at the end of 2010.