OREANDA-NEWS  On 17 December was announced, that according to the released financial results under US GAAP, net income reached USD 1 594 mln. in 3 Q 2008, which exceeds the Q3 2007 result by 66,6% (USD  957 mln.)

Earnings before interest, income tax, depreciation and amortization (EBITDA) in Q3 2008 amounted to USD 2 642 mln. increased by 70,1% compared to Q3 2007 EBITDA (USD 1 553 mln.)

Revenues in Q3 2008 rose by 77,3% to USD 9 638 mln. vs. USD 5 435 mln. in Q3 2007.

Net income in 9 months 2008 was USD 5 201 mln., which exceeds the 9M 2007 result by 84,5% (USD  2 819 mln.)

EBITDA in 9M 2008 increased by 73% compared to 9M 2007 result and reached the level of USD  7 761 mln.

Revenues in 9M 2008 amounted to USD 27 315 mln., that is 86,1% higher than in the same period of 2007.

The improvement of financial results in Q3 2008 and 9 M 2008 was due to an increase, firstly, in oil prices at the domestic and global markets (the average spot Urals price was USD 108,12 vs. USD 63,89 for the 9 months 2008 and 2007, respectively). The company extended its refining share in the oil balance for the 9 months 2008 (+8,4%) and increased oil and oil products distribution (+8,2 and +7,4%, respectively).

Q3 2008 and 9 M 2008 key financial results