Raking it in: Rosneft
Rosneft numbers riding high
Russian producer Rosneft booked a massive jump in its third-quarter earnings on the back of strong oil prices and consolidation of new assets.
The results, including a 79.8% year-on-year rise in net profits and an 83% increase in earnings before interest, taxation, depreciation and amortisation (EBITDA), came slightly above analysts' expectations.
"The third quarter was another record quarter for Rosneft both in terms of operational performance and increased profitability, whether reviewed only on an organic basis or incorporating recent acquisitions," Rosneft boss Sergey Bogdanchikov said in a statement.
Rosneft said its net profit rose to $1.89 billion from $1.05 billion in the same period last year. Analysts had expected net profit to reach $1.84 billion.
EBITDA jumped to $4.02 billion from $2.2 billion a year ago, also above analysts' estimates of $3.86 billion.
Revenues rose by 53.5% to $13.74 billion versus $13.14 billion forecast by analysts.
Bogdanchikov said he expected 2008 to be another successful year for the company.
"We are confident in our ability to continue to demonstrate leading operational and financial performance through rigorous cost control, improved downstream margins via increased sales through new and more profitable sales channels to end customers and continued organic volume growth."
Last year, Rosneft bought almost all assets of bankrupt producer Yukos at a state-forced auctions.
The assets, which included two production units and five refineries, helped Rosneft become Russia's largest oil producer and refiner.