MOSCOW, August 24 (RIA Novosti) - Ritek [RTS: RITK], a subsidiary of Russia's largest oil company LUKoil, posted a 33% year-on-year rise in net profit according to Russian Accounting Standards in the first half of 2006 to $73.8 million, on the back of rising oil prices, the crude producer said Thursday.
Ritek said earnings in the period gained 16% to $313.3 million, while gross profit climbed 13% to $155.4 million.
The company said rising crude prices on the domestic and international markets had ensured the higher earnings and profit figures.
Ritek owns 25 deposits in the Yamalo-Nenets and Khanty-Mansiisk autonomous areas to the east of the Urals, and in the Volga republic of Tatarstan.
