The international auditing company Ernst & Young has audited the Galnaftogas Company (Lviv), an owner of the network of petrol stations in Western regions of Ukraine. That was reported by the press service of the OJSC Concern Galnaftogas.

As of December 31, 2003, the Company’s consolidated assets confirmed by the audit, made up UAH 336.1 million, the net profit for 2003 — UAH 11.1 million, the turnover — UAH 942.4 million, the operating net flow of money — UAH 28.1 million.

According to Financial Director of Galnaftogas Nazar KUPYBIDA, having made an international audit for the first time, the Company took a decision to make it annually.

"We have arranged our reports in accordance with International Standards on Financial Reporting for the first time. We have also again made certain of the importance of the process of unification and automation of accountancy and reporting as a system and now we shall make our best to implement these projects as soon as possible", Mr. KUPYBIDA said.

In February, the former Financial Director of the Concern Vasyl DANYLIAK stated that the audit was actually a stage in preparation to new investment projects which Galnaftogas planned to initiate with Western investors and European banks.