Rosneft IFRS net profit rises 43% to 323 bln rbl in Jan–Mar

MOSCOW, May 31 (PRIME) -- The net profit of Russian oil major Rosneft attributable to shareholders increased 43% on the quarter to 323 billion rubles in January–March, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Wednesday.

Revenue decreased 1.1% to 1.823 trillion rubles, and capital expenditures fell 11.3% to 275 billion rubles. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 25.1% to 672 billion rubles.

The net financial debt/EBITDA ratio remained 1.3x as of March 31.

The hydrocarbon output increased 1.3% to 5.6 million barrels of oil equivalent per day. The output of gas rose 2.7% to 1.5 million barrels of oil equivalent per day and of liquid rose 0.8% to 4 million barrels per day. The company processed 22.6 million tonnes of oil in the period.

The price dynamics at Rosneft's filling stations on the Russian market remains below inflation, the company also said.

CEO Igor Sechin also said that the daily production of the Sakhalin-1 project increased 1.8 times in the period becoming the driver of Rosneft's hydrocarbon production, but the forced outage due to the withdrawal of U.S.’ ExxonMobil had a negative impact on the technical conditions of field development.

(80.6872 rubles – U.S. $1)

End