03 December 2003 08:44
YUKOS SEES JAN-OCT NET PROFITS SLUMP 75%
MOSCOW. Dec 3 (Interfax) - Net profits at Russian oil major Yukos, not counting subsidiary company operations,
dropped 75% year-on-year in January-September to 22.7 billion rubles, the company reports.
Earnings were likewise down in this period, 70.6% to 5.7 billion rubles.
A Yukos representative has explained that the drop in net profits is an accounting effect evoked by the absorption of
the company VNK. These numbers do not reflect the company's actual financial situation, consolidated in accordance
with US GAAP standards, he said.
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