Rosneft Posts 15% Nine-Month Net Profit Growth

Russia’s largest oil company Rosneft reported a 15.4 percent year-on-year rise in IFRS net profit to 285 billion rubles ($9 billion) in January-September 2012, the company said on Thursday.

The company’s net profit figure included a 65 billion ruble gain in the third quarter of 2012 from the acquisition of a 51 percent stake in Russian independent natural gas producer Itera.

The company’s revenues for the nine-month period grew by 16.1 percent to 2.268 trillion rubles due to higher prices for Rosneft’s products and greater sales volumes.

“The improvement on the global oil and petroleum product markets and an increase in petroleum product sales volumes in Q3 2012 helped drive an 11.7 percent increase in revenues, which totaled 802 billion rubles for the [third] quarter,” Rosneft said in a statement.

Rosneft’s net profit in the third quarter of 2012 reached a five-year high of 181 billion rubles.

“The Q3 results reflect the beginning of broad-reaching transformations within the company to cut costs and improve efficiency, which have already yielded strong results in production and sales. This allows us to improve the company’s financial standing and build a stronger foundation for efficient implementation of our strategic projects,” Rosneft President Igor Sechin said.


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