Pipeline operator Transneft posts 25% half-year net profit rise

Russian oil pipeline operator Transneft [RTS: TRNF] said on Thursday its net profit calculated to International Financial Reporting Standards grew 25.5% year-on-year in January-June to 42.97 billion rubles ($1.6 billion), RIA Novosti reports.

The state-controlled company, which owns around 50,000 km (31,000 miles) of trunk oil pipelines, said its revenue in the reporting period climbed 19% to 129.97 bln rubles ($4.8 bln), operating profit grew 23% to 62.43 bln rubles ($2.3 bln) and pre-tax profit was up 24% to 62.28 bln rubles ($2.3 bln).