MOSCOW, Nov. 28 (Xinhua) -- The net profit for Russia's oil pipeline operator Transneft fell by 7.7 percent year over year in the first nine months of 2025, TASS news agency reported on Friday.
From January to September, Transneft registered a net profit of 232.7 billion rubles (around 3 billion U.S. dollars) as calculated under the international financial reporting standards, according to the report.
Transneft attributed the decline primarily to increased income tax expenses.
Beginning Jan. 1, 2025, the corporate income tax rate was raised from 20 percent to 25 percent, while for Transneft, the rate was increased to 40 percent through 2030.
According to the company, operations in the first nine months were affected by significant inflationary pressure, as well as the effects of a challenging labor market situation and competition among fuel and energy firms for skilled workers.
