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UPDATE 1-Transneft 2011 net up 59pct, fueled by China
May 17, 2012 / 2:50 PM / 5 years ago

UPDATE 1-Transneft 2011 net up 59pct, fueled by China

* Net profit 188.1bln roubles, up from 118.6bln in 2010

* Revenue rose 49.8 percent to 670.3 bln

* China accounts for 21.4 percent of total revenue (Updates with EBITDA, revenue data, dividend)

MOSCOW, May 17 (Reuters) - Russia’s state oil pipeline operator Transneft posted a 59 percent rise in 2011 net profit to 188.1 billion roubles ($6 billion) on Thursday, due to increased crude sales to China.

Last year revenue at the company, whose sole source of income is oil transportation fees, increased 49.8 percent to 670.3 billion roubles from 447.5 billion roubles a year ago.

The company’s average transportation tariff rose 16.1 percent last year. China sales accounted for 143.6 billion roubles, or 21.4 percent of the total revenue.

Earnings before interest, taxes, depreciation and amortisation increased 21.9 percent to 291.2 billion roubles, from 238.8 billion roubles last year.

Last January state-controlled Transneft, which owns and operates most of the oil and refined product pipelines in Russia, started shipping 300,000 barrels per day of oil to China along the first stage of a pipeline from oil fields in Siberia.

The company may spend 25 percent of net profit calculated by Russian accounting standards on dividends, a participant of the company’s meeting with analysts told Reuters.

Last year, the economy ministry proposed selling a 3 percent voting stake in Transneft, in a proposal backed by Prime Minister Dmitry Medvedev, who was then president. Acting Deputy Prime Minister Igor Sechin opposes the sale. ($1 = 30.9242 Russian roubles) (Reporting by Katya Golubkova and Alexei Anishchuk; additional reporting by Denis Pinchuk, editing by Megan Davies)

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