29 March 2005 -

Report Summary

Tupras announced US$ 493 mn net profit in its inflation adjusted consolidated CMB results in 2004. Tupras continued to perform well both in operating and non-operating side and improved its results thanks to strong refining margins in the 3rd and 4th quarters. The result is 15% better than our expectations. 2003 net profit figure was US$ 352 mn.

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