Oil pipeline company Transneft posts 3.4% net profit drop in 1H09

Russian pipeline operator Transneft said on Thursday its net profit calculated to Russian Accounting Standards decreased 3.4% , year-on-year, in January-June 2009 to 2.21 billion rubles ($69 million), RIA Novosti reports.

The state-controlled company, which owns around 50,000 kilometers (31,000 miles) of trunk oil pipelines, said its Q2 net profit almost tripled, quarter-on-quarter, to 1.57 billion rubles ($49 million).

Transneft attributed its quarterly net profit growth largely to the reduction of the negative effect of exchange rate differences.

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

There are various exceptions.

Source: http://www.joc.com