Rosneft says posts IFRS net profit of 43 bln rbl in April–June

MOSCOW, Aug 14 (PRIME) -- Russian oil major Rosneft posted a 43 billion ruble net profit in April–June under International Financial Reporting Standards (IFRS), the company said in a report on Friday.

In January–June, the company had a net loss of 113 billion rubles against a net profit of 325 billion rubles in the same period of 2019. 

"Crude oil and gas production as well as refining volumes came under severe pressure in April–June 2020, which led to deterioration of financial indicators,” CEO Igor Sechin said as cited in the report.

“Still in January–June 2020, the company kept a low level of operating expenses and demonstrated a material free cash flow. This enabled us to fulfill obligations to the shareholders and to continue implementation of our strategic goal -- reduction of financial debt and trading obligations -- even in the very difficult conditions."

Revenue fell by 41% on the quarter to 1.039 trillion rubles, while earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased 45% to 170 billion rubles in April–June.

Capital expenditures fell 1.6% to 182 billion rubles.

For further details, please see a full statement on the website of the company:

https://www.rosneft.com/press/releases/item/202273/

(73.6067 – U.S. $1)

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