Net profit of Transneft for 9 months amounted to 8.3 billion rubles.

Moscow. November 17. Net profit of JSC “AK “Transneft” under Russian accounting standards (RAS) for 9 months of 2015 amounted to 8.3 billion rubles, which is 2% lower than in January-September 2014 (8,515 billion), reports the company.

Thus, this figure coincides with the estimates made a month ago on the basis of company data.

Revenue increased by 4.7% and reached 564,9 billion rubles, the cost has increased by 11.1% to 512,8 billion rubles.

Revenue from rendering of services sale of crude oil for export under the agreement with CNPC declined by 12.8%, mainly due to the decrease in oil prices in U.S. dollars per 1 barrel, if the rate of the US dollar.

The ratio of debt to equity increased primarily due to growth in long-term liabilities that is due to high amount of borrowing in a foreign currency and the dollar, as well as the conversion of part of debt from short term to long term non-convertible interest-bearing documentary bonds of JSC “Transneft” (58 billion rubles), which was not put up the offer, says the company. The same is due to the increase in the size relationship of long-term debt to total long-term debt and equity capital.

The degree of coverage of debts by current income (profit) for 9 months of 2015 decreased primarily due to lower short-term liabilities.

Long-term borrowings of the company consists of 698 billion rubles, short – 120.2 bln, the total amount of accounts receivable – 150,8 billion rubles.