OREANDA-NEWS. On 11 August 2009 Veles Capital released daily review - August 11, 2009:

Transneft provided strong operating financial estimates for 1Q 2009 by IAS. Friday Transneft output its IAS report for 1Q 2009. According to the given report the net profit of the transport company reduced in 1Q 2009 by 41.7% to 542 mn USD, versus 930 mn USD a year earlier. The sales of the company slipped by 5.6% to 2.48 bn USD versus 2.62 bn USD in 1Q 2008.

TGC-2 reported by IAS for 2008. Sales of TGC-2 by IAS in 2008 formed 931 mn USD, having upped by 14% versus 2007.

TMK negotiated 1.1 bn USD credit dating to 5 years with Gazprombank. By the uncertain information, the company also managed to negotiate rate lowering for the credit and on upping of the gestation period from 1 year to 2 years. The company intends to negotiate credit time constrains prolongation with the Russian banks to 5-7 years via the rate from 10% to 13% annually, stated the representative of TMK.

Two more IRC summed up half year results. Sales of Uralsvyazinform in 1H 2009 totaled 20.1 bn RUR, which is 0.7% higher than the similar estimate a year earlier. The profit from selling grew by 4% to the level of 4.1 bn USD. Sales of STC in 1H 2009 totaled 10.8 bn RUR, which is 4.9% higher than the similar estimate of the previous year. The profit from selling grew by 15% to the level of 2.7 bn RUR.

The former top-manager of GM Bo Andersen will come in power instead of Sergey Zanozin as the president of GAZ group. The former top-manager of the bankrupted GM concern and the current chairman of GAZ, JSC board Bo Andersen will come instead of Sergey Zanozin as a president of GAZ group.