Russian state oil producer OAO Rosneft (ROSN.RS) Friday said fourth-quarter net profit fell 2% from last year partly due to higher taxes on the huge Vankor field and higher transportation costs, but was still supported by higher oil prices and a weaker ruble.
Russian state oil producer OAO Rosneft (ROSN.RS) Friday said
fourth-quarter net profit fell 2% from last year partly due to higher taxes on
the huge Vankor field and higher transportation costs, but was still supported
by higher oil prices and a weaker ruble.
London-listed Rosneft said net profit under
U.S.
Generally Accepted Accounting Principles fell to $2.99 billion from $3.06
billion in the fourth quarter 2011, above an average forecast of $2.71 billion
in a Dow Jones Newswires survey of six analysts.
Revenue increased 38% to $23.95 billion from $17.38 billion a year earlier,
boosted by a surge in global crude prices as well as higher output. Analysts
had expected revenue at $24.04 billion.
Earnings before interest, taxes, depreciation and amortization, or Ebitda, fell
12% to $4.75 billion.
Rosneft said it produced 2.62 million barrels of oil equivalent a day during
the quarter, while net debt rose 13% in the three months to $15.86 billion.
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