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Transneft enjoys surge in Q2 net profit
RBC, 29.07.2010, Moscow 12:49:07.Transneft's net profit under RAS amounted to RUB 2.185bn (approx. USD 72.3m) in the second quarter of 2010, having jumped 3.8 times from RUB 574.85m (approx. USD 19.02m) in January-March of this year, the world's largest pipeline company announced in a statement today. Transneft attributes the increase in net profit in Q2 to higher revenue from oil transportation, due primarily to higher cargo traffic, a rise in interest revenue from placed funds, a revision in the income tax and deferred tax liabilities resulting from currency differences on borrowed funds. Considering this, Transneft's net profit reached RUB 2.759bn (approx. USD 91.3m) in the fist half of the year compared to RUB 2.2bn (approx. USD 72.8m) in the corresponding period of the previous year.
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