Rosneft IFRS net income in H1 2013 rises 18% to RUB 137bn
Net income of JSC Rosneft according to International Financial Reporting Standards (IFRS) in the first half of 2013 totaled RUB 137 billion, a 18.1% gain year-on-year. This was achieved despite the negative effects of currency exchange rate and the growth of spending to uphold commitments related to borrowings, the Company said Monday in a press release.
Revenues (including equity share in profits of associates and joint ventures) increased by 34.0% to RUB 1,988 bln in H1 2013. The growth is mainly due to the expansion of the Company’s operations on the domestic and international markets, partly curbed by the weakening on the global oil and petroleum product markets.
Earnings before interest, taxation, depreciation and amortization (EBITDA) leapt by 36.4% in H1 2013 and reached RUB 371 bln. The positive effect from business expansion was partly offset by the indexation of the basic rate of MET and the tariffs of natural monopolies, as well as by one-off costs related to fund raising in the accounted period.
Rosneft is the leader of Russia’s petroleum industry, and ranks among the world’s top publicly traded oil and gas companies. The Company is primarily engaged in exploration and production of hydrocarbons, production of petroleum products and petrochemicals, and marketing of outputs. Rosneft has been included in the Russian Government’s List of Strategic Enterprises and Organizations. The state holds 69.50% in the Company (through OJSC ROSNEFTEGAZ), while approximately 10% of shares are in free-float.
