Despite reduced profitability in the fourth quarter of 2008, the net profit of ITERA Oil and Gas Company, LLC, according to the Russian Accounting Standards accounted for Rub 3 743 million, and gas and oil sales proceeds were Rub 40 474 million in 2008.
The company had supplied 21.6 billion cu m of gas to consumers in 2008, 6.4 per cent more than that a year ago.
The management of ITERA Oil and Gas Company takes measures to ensure continuous operation of the Company and timely fulfillment of its obligations to creditors under the financial crisis conditions. Much attention is given to control over expenditure of monetary funds. In particular, the Company reduced its administrative expenses by nearly 15 per cent. The administrative expenses accounted for Rub 1 285 million in 2008, as compared to Rub 1 507 million last year.
The balance of ITERA Oil and Gas Company as on December 31, 2008, shows the growth of the monetary funds on its settlement accounts up to Rub 1.308 billion (2.5 times the level of early 2008). This is thanks to the Company desire to minimize risks related to deterioration of the borrowed capital market situation.
The financial statements of ITERA Oil and Gas Company for 2008 are available on the corporate site of the Company: www.itera.ru.
01/04/2009
Press Service,
ITERA Oil and Gas Company
Tel.: (495) 411-8631 |
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