OREANDA-NEWS. July 29, 2010. Ukrnafta, a major Ukrainian oil and gas producer, posted a net income of UAH 951mn in 2Q2010, the company disclosed in its quarterly report July 28. The company increased its net revenues by 159.3%  yoy to UAH 4,058 in 2Q2010, while the qoq growth constituted 23%. Furthermore, the quarterly EBITDA amounted to UAH 1,124mn in 2Q2010, which represents a 20% qoq gain. The net income totaled UAH  951mn, up 65% qoq.

Millennium Capital considers the news as strongly positive for UNAF. We have expected the drastic improvement in company’s financials thanks to the higher selling prices of oil at the auctions. Based on the 2Q2010 results, Millennium Capital projects Ukrnafta’s net sales at UAH 15.5bn, EBITDA at UAH 4.3bn (28% EBITDA margin), and net income at UAH 3.4bn (22% net margin).