MOSCOW, October 4 (RIA Novosti) - The net income of Russia's fifth largest oil company in the first half of 2005 grew 44% year on year, though figures for crude oil production remained unchanged, Sibneft said Tuesday.
The company reported a net income of $1.42 billion for the period, compared with $988 million last year (as determined in accordance with US GAAP-standard balance sheets), with daily oil production for the period at 16.67 million metric tons (687 barrels), unchanged year on year.
Sibneft's revenue in January-June 2005 grew 43% year on year to $5.73 billion, with EBITDA income (before interest, taxes, depreciation, amortization and the non-cash stock-based compensation charge) growing 29% year on year to $1.94 billion for the same period.
Experts attribute the company's income growth to increasing prices on crude oil and oil products both on international and domestic markets, which compensated for the growth in electricity and transportation costs, along with that in tax and export tariffs.
In the first half of 2005, Sibneft acquired six new licenses on the exploration and extraction of hydrocarbons, creating a base for further production growth. A $13.091 acquisition deal on Sibneft, signed in late September, will allow Russia's natural gas monopoly Gazprom to control a 75.679% stake in Sibneft and offering the oil major some advantages, experts said.
