Russian national pipeline operator Transneft saw its second-quarter net profit rise 67% year-on-year thanks to higher revenues from oil transportation and a big foreign exchange gain. The state-owned company posted net income of 35.46 billion rubles ($1.2 billion) in Q2 under international financial reporting standards, up from 21.18 billion rubles in the year-earlier period and 19.2 billion rubles in the first quarter of 2009. Revenues increased by 23% to 81.58 billion rubles from 66.25 billion rubles in Q2 2008.
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