Russian state oil producer OAO Rosneft (ROSN.RS) Wednesday said first-quarter net profit fell 8.9% from last year partly due to higher taxes on the huge Vankor field, as well as higher transportation and electricity costs, but was still supported by higher oil prices.
Russian state oil producer OAO Rosneft (ROSN.RS) Wednesday said
first-quarter net profit fell 8.9% from last year partly due to higher taxes on
the huge Vankor field, as well as higher transportation and electricity costs,
but was still supported by higher oil prices.
London-listed Rosneft said net profit under International Financial Reporting
Standards was RUB112 billion ($3.8 billion), from RUB123 billion in the first
quarter 2011, but above an average forecast of RUB87 billion.
"Our first-quarter results are much better than planned," Rosneft
President Eduard Khudainatov said. "Our key objectives for this year are
to press ahead with our large-scale production and refining projects and
optimize our business across the board."
Revenue increased 27.2% to RUB748 billion, in line with analysts' expectations,
from RUB588 billion a year earlier, boosted by a surge in global crude prices,
as well as higher output.
Earnings before interest, taxes, depreciation and amortization, or Ebitda, fell
14.9% to RUB165 billion.
Rosneft said it produced 2.63 million barrels of oil equivalent a day during
the quarter.
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