By Joe Hoppe
Rosneft Oil Co. said Friday that second quarter net profit and revenue increased quarter on quarter and first half profits increased year on year.
The Russian oil and gas company said net profit attributable to shareholders was 233 billion rubles ($ 3.17 billion) for the quarter ended June 30, compared to 149 billion rubles for the first quarter.
The company, of which BP PLC owns 19.75%, attributed the increase in net income to the improvement in the macroeconomic environment in the second quarter, including a recovery in the prices of crude oil and petroleum products in international markets. .
Second quarter turnover and share of equity in profits of associates and joint ventures reached 2.167 trillion rubles compared to 1.737 trillion rubles in the previous quarter, largely due to a program of production growth and rising crude prices, Rosneft said.
For the first half of the year, profit before interest, taxes, depreciation and amortization reached 1.016 trillion rubles, compared to 479 billion rubles a year earlier.
âThe high level of operational and production efficiency has enabled the company to significantly improve its financial performance and pursue a steady reduction in financial debt,â said Managing Director Igor Sechin.
Shares at 12:15 GMT were down 1.4% to RUB 557.80.
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