Russia's biggest oil producer OAO Rosneft (ROSN.RS) Monday said third-quarter net profit rose 80% on the year, helped by high crude prices and an increase in refining volumes.
State-controlled Rosneft said net income reached $3.47billion from $1.93 billion in the third quarter of 2007, well above a Dow Jones Newswires poll of six analysts estimates, which had predicted $2.88 billion.
"The third quarter further confirms our success in implementing the company's policy aimed at enhanced operating efficiency," Chief Executive Sergei Bogdanchikov said in a statement, adding that the company is "well (prepared) for what is now a more challenging operating environment of substantially lower prices."
Revenue was up 51% on the year to $20.69billion from $13.74 billion, despite almost unchanged production levels, but thanks to higher crude prices for the period.
Rosneft shares are well off their mid-May highs, hit most recently by a decline in oil prices and a selloff in Russian equities.