MOSCOW, April 30 (RIA Novosti) – Russia’s state-controlled oil giant Rosneft reported an IFRS net profit of 102 billion rubles ($3.3 billion) for January-March 2013, down 12.8 percent from the same period last year, the company said on Tuesday.
Rosneft, which has become the world’s largest publicly traded oil producer after acquiring Russia’s third largest oil firm TNK-BP, said the net profit decrease was attributable to foreign exchange losses and an increase in net finance expenses, which it said were compensated for by an increase in the value of a non-controlling stake in Verkhnechonskneftegaz to its fair value.
Rosneft’s revenues grew by 7 percent in the reporting period to 812 billion rubles.
“The key event for Rosneft in the reporting period was the acquisition of 100-percent equity interest in TNK-BP. The company has strengthened its leading positions in development of the Russian shelf and signed a number of significant long-term agreements on monetization of hydrocarbon production,” Rosneft CEO Igor Sechin was quoted as saying in the statement.
“Dynamic business development had a positive impact on our operational performance – sustainable production growth and building up our reserve base. We have maintained our solid financial position and will continue to work efficiently to increase the shareholder value and investment appeal of our company.”
Excluding the impact of the TNK-BP acquisition, revenues decreased by 3.7 percent in comparison with Q4 2012 to 763 billion rubles, “largely due to a seasonal decrease in sales volumes of petroleum products, determined by market dynamics, which was partially compensated by an increase of crude oil sales.”
