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. Last Updated: 07/27/2016

Sibneft Reverses Losses

MOSCOW -- Sibneft, the nation's No. 7 oil firm, reported 1999 retained earnings of 76.5 million rubles (about $3.2 million), a huge improvement on the 263.4 million ruble net loss it posted in 1998, Prime-Tass reported Monday.

The figures were calculated according to Russian accounting standards.

Sibneft had a pretax profit of 180.83 million rubles in 1999, compared to a 191.45 million loss in 1998.

Sibneft's 1999 revenues exceeded 40.6 billion rubles, growing by more than three times compared to 1998.