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Rosneft enjoys rise in H1 net profit
27.07.2010
Rosneft's net profit under U.S. GAAP amounted to $5bn in the first half of 2010, 37 percent greater than in the corresponding period of the previous year, the Russian oil company indicated in a statement today. Meanwhile, the company's net profit stood at $2.6bn in the second quarter of the year.
Rosneft's sales revenue jumped 57 percent to $30.2bn. The company attributes the increase to higher oil sales (up 8.6 percent), a rise in oil and oil product prices, and efficient sales through its distribution chain. Sales revenue inched up 5 percent to $15.4bn in Q2 2010.
Meanwhile, EBITDA stood at $9.2bn, having surged 56 percent from H1 2009. The increase was hindered by such uncontrollable factors as the ruble's strengthening against the dollar, a rise in taxes and the transportation tariff, which significantly surpassed inflation.
Rosneft's debt dropped 18 percent to $15.8bn in H1 compared to $19.2bn as of the end of H1 2009. The company indicated that the reduction in net debt was traced to a record-high free cash flow, which stood at $2.8bn in Q2 of this year.
www.rbcnews.com
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