MOSCOW, July 29 (RIA Novosti) – Russian state oil giant Rosneft reported an IFRS net profit of 137 billion rubles ($4 billion) in January-June 2013, up 18 percent from the same period last year, the company said Monday, citing an increased volume of operations.
Rosneft, which became the world’s largest publicly traded oil producer with its acquisition of Russia’s third-largest oil firm TNK-BP, said its revenues in the reporting period grew 34 percent to 1.988 trillion rubles ($61 billion).
“The growth is mainly due to the expansion of the company’s operations on domestic and international markets, partly curbed by weakening on the global oil and petroleum product markets,” Rosneft said in a statement.
Rosneft’s net profit was below a consensus forecast of analysts polled by the Prime news agency. They had expected the company’s net financial result for the first six months at 162.3 billion rubles. However, the company’s revenue matched the analysts’ expectations.
Earnings before interest, taxation, depreciation and amortization (EBITDA) leaped 36.4 percent in the first half of this year to 371 billion rubles. The company’s free cash flow amounted to 68 billion rubles in January-June 2013, versus a negative cash flow of 20 billion rubles in the same period last year.
Rosneft’s results “demonstrate the effectiveness of integration of new acquired assets into the operating and financial activities of Rosneft. Despite the complexities of the process, we have managed to create a company with uniform business processes and a single center for the planning of all production activities within just several months,” Rosneft CEO Igor Sechin said in a statement.
“As a result, despite the deterioration of the macroeconomic situation, Rosneft demonstrates a growth of revenues, EBITDA and free cash flow.”
