Transneft posts FY 2009 net profit of 120.4 billion roubles

Russian oil transportation monopoly, Transneft, has posted a FY 2009 net profit of 120.4 billion roubles under IFRS.

The bottom line jumped 70% year on year from 72.5 billion roubles in 2008, on the back of a 30% rise in revenues to 351.1 billon roubles from 275 billion roubles a year earlier.

According to the statement, the increase in the net result was mostly due to rising foreign exchange profits, which skyrocketed to 67 billion roubles from 7.2 billion roubles in 2008 and higher operating profits which increased from 126.7 billion roubles to 169.6 billion roubles.