Naftogaz of Ukraine net profit dn 4% to USD225.5 mln in 2003, gross revenues up 18.5% to USD9 bln.

Net profit of Naftogaz of Ukraine slid by 4% on year to 1.2 bln hryvnas, around $225.5 mln, by 2003 result. Such decline resulted from establishment of the dubious debt reserves, the company said.

Gross consolidated revenues totalled 48.3 bln hryvnas, or slightly more than $9 bln, 18.5% up on year, first of all due to the 2 fold increase in domestic sales of natural gas - up to 29.4 bln from 14.3 bcm. Besides, gas export rose 4.7 fold to 5.3 bcm from 1.3 bcm, oil trunk pipeline deliveries gained 18%, up to 56.68 mln from 48 mln tons.

Net revenues climbed 37.6% on year to 42.2 bln hryvnas, or slightly less than $8 bln. Aggregate assets widened 2.7% to 89.9 bln hryvnas, or nearly $17 bln.

The investments were drawn in the amount of 5.06 bln hryvnas, around $950 mln, 1.6 fold up on year. Fixed assets worth 4.75 bln hryvnas, or around $893 mln, were put in operation.

Tax payments reached 6.4 bln hryvnas, or nearly $1.2 bln, 32.9% up on year. Current budget debt lowered by 0.5 bln hryvnas, or 8%. Besides, the company fully settled its debt to Turkmenistan for the natural gas delivered over 1999-2001.