The net profit of ITERA Oil and Gas Company, LLC, went up by 75.8 per cent (as based on RAS) to Rub. 4.046 billion this January-September if compared to the same period of last year.
The Company’s revenue from natural gas and oil sales was Rub. 30.928 billion, which was 46 per cent above the same index of 2007.
The revenue increase is attributed to the natural gas price increase by the Federal Tariffs Agency and to larger sales of natural gas. Within the nine months of 2008, the Company supplied 15.889 BCM of gas to consumers. That was 11.9 per cent above the last year level.
Under the financial crisis conditions, the management of ITERA Oil and Gas Company employs measures intended to ensure continuous operation of the Company and timely fulfillment of its obligations in front of its creditors. Much attention is paid to control over spending funds. In particular, the Company reduced its administrative expenses by 17.3 per cent. In January-September of 2008 they were Rub. 911 million as against Rub. 1 102 million last year.
The balance sheet of ITERA Oil and Gas Company for the nine months of 2008 showed an increase of funds on its operating accounts to Rub. 1.829 billion (3.6 times up if compared to that of January, 2008, level). This was explained by a desire of the Company to minimize risk related to deterioration of the current situation in the debt capital markets.
The statement of assets and liabilities of ITERA Oil and Gas Company as on September 30, 2008 and the Profit and Loss Account for January-September of 2008 are available at www.itera.ru.
05/11/2008
Press Service,
ITERA Oil and Gas Company
Tel.: (095) 411-8631 |
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