Rosneft swings to 156 bln rbl IFRS net loss in Jan–Mar

MOSCOW, May 15 (PRIME) -- Russian oil major Rosneft posted a 156 billion ruble net loss in January–March against a 131 billion ruble net profit in the same period of 2019 mainly due to the effect of negative exchange rate differences as a result of the weakening of the ruble exchange rate and the revaluation of foreign currency liabilities, Rosneft said on Friday.

The results are calculated under International Financial Reporting Standards (IFRS).

Revenue fell 15% on the year to 1.765 trillion rubles, while earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased 43.6% to 309 billion rubles.

Free cash flow decreased 4.4% to 219 billion rubles in the period.

Capital expenditures fell 13.6% to 185 billion rubles.

The sum of the company’s financial debt and trade liabilities fell by U.S. $9 billion, or 11%, in January–March. The net debt/EBITDA ratio stood at 1.5 as of the end of March.

(73.9298 rubles – U.S. $1)

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