Pipeline operator Transneft posts first-quarter $900 mln net profit

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MOSCOW, September 29 (RIA Novosti) - Russian oil pipeline operator Transneft [RTS: TRNF] said on Monday its net profit calculated to International Financial Reporting Standards grew 40.4% year-on-year in January-March to 22.55 billion rubles ($902 million).

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 17% to 63.62 bln rubles ($2.5 bln), operating profit grew 25.8% to 30 bln rubles ($1.2 bln) and pre-tax profit was up 30.9% to 31.14 bln rubles ($1.25 bln).

Transneft transports 93% of crude oil extracted in Russia. The Russian government has a 78% stake in the company.

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