PriceWaterhouseCoopers releases audited report on TNK performance

Aug 02, 1999 02:00 AM

The PriceWaterhouseCoopers company has finalised auditing Tyumenneft's financial report for 1998 in accordance with GAAP standards.
TNK made a net profit of $ 45.3 million last year, compared to its $ 132.2 million loss in 1997. Last year's sales stood at $ 1.3903 billion, with company assets estimated at $ 4.9954 billion and its share capital at $ 1.8622 billion.
According to TNK President Semyon Kukes, TNK owed its improved performance to the success of the company's new strategy, which envisages, among other things, financial flow centralisation, cutting extraction and refining costs and expanding the company's retailing network.

Source: Tyumenneft press service via NewsBase
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