"Orenburg "Neftemaslozavod" increased its net profit in 2008 by 5% ".
Orenburg, March 6, INTERFAX- Net loss of OAO "Neftemaslozavod" (Orenburg region), a sudsidiary of Oil and Gas Company "RussNeft" (PTC: RUSN), amounted in the fourth quarter of 2008 to 6.045million rubles as compared with net profit in amount of 151.924 million rubles in the third quarter of 2008, says the company's report.
As it was reported, in the first half of the year 2008"Neftemaslozavod" gained net profit in amount of 61.142 million rubles. Thus, the net profit of the plant in 2008 was 207.201 million rubles, which exceeds the figure of the last year (197.032 million rubles) by 5.1%.
It is stressed in the report that the reasons of this exceptional decrease of net profit of the issuer in the fourth quarter by more than 10% were decrease of proceeds, connected with reduction of sales,and fall of prices for finished products.
OAO "Neftemaslozavod" produces motor and industrial oils, lubricants, slushing materials and other products of oil and gas stock processing.