KIEV, Aug. 13 – Net profit of Kiev-based UkrNafta, Ukraine's largest oil producer, amounted to UAH405.409 million, down sharply from UAH1.134 billion in the first half of 2006.

As the company said, its net revenues from sales in the first half of 2007 shrank by 31.2% year-over-year, to UAH2.874 billion, while gross profit plunged by 2.6 times, to UAH964.929 million.

UkrNafta's retained earnings over the period under review increased by 6.5%, to UAH6.683 billion.