MOSCOW, October 30 (RIA Novosti) -- Russian oil pipeline monopoly Transneft [RTS: TRNF] said Tuesday its net profit, calculated to Russian Accounting Standards, rose 0.58% year-on-year in the first nine months of 2007, hitting $160 million.
It said its profit rose 90% quarter-on-quarter, at 1.98 billion rubles ($80 million).
The company attributed the rise in its 3Q net profit to positive exchange rate differences on borrowings drawn in U.S. dollars to finance the construction of the East Siberia-Pacific Ocean oil pipeline system.
Transneft, the world's largest oil pipeline company, in which the Russian government holds a 75% stake, earlier said the value of its assets increased 16.7% in April-June 2007 quarter-on-quarter to 194.7 billion rubles (about $7.6 billion).
