MOSCOW, May 16 (RIA Novosti) - The revenue of Russia's oil pipeline monopoly Transneft according to Russian Accounting Standards (RAS) rose 2.4% in the first quarter of 2007, to 50 billion rubles ($2 billion) year-on-year, the company said Wednesday.
Earlier reports said Transneft's net non-consolidated profit in the same period dropped 37.7%, to 960 million rubles ($37 million), against the first quarter of 2006.
The company said the profit decline resulted from design costs related to the rerouting of the East Siberia-Pacific Ocean pipeline, bypassing Lake Baikal in southern Siberia.
The government holds a controlling stake (75%) in Transneft, which corresponds to 100% of voting shares. The company's privileged shares are privately owned. The authorized capital of Transneft is 6.2 million rubles ($240,000), divided into 4.7 million ordinary and 1.6 million privileged shares priced at 1 ruble ($0.04).
