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27

Bashneft nine-month net profit up 340 % to $857 mln

Bashneft oil company's nine-month IFRS net profit rose 340% year-on-year to $857 million, the company said on Monday

Bashneft nine-month net profit up 340 % to $857 mln Bashneft nine-month net profit up 340 % to $857 mln

Bashneft's revenue in the same period rose 130% to $9.746 billion, it said.

In the first nine months,  Bashneft's operating profit increased by 350% to $1.445 billion,OIBDA by 160% to $1.988 billion, and spending and expenses by 120% to $8.3 billion.

In the third quarter 2010, Bashneft's net profit fell 17.7% to $278 million, revenue rose 5.3% to $3.506 billion due to improved domestic and export sales of oil and oil products, the company said. The company's third quarter OIBDA fell 2.3% to $680 million, and total debt increased $1.570 billion to $3.748 billion.

Capital expenditure rose to $117 million in the third quarter, up 69.8% on the second quarter.

Bashneft's oil development costs in the first nine months of 2010 fell by 29% to $147 million, but oil output rose by 16.4% to $10.489 million tons. The company's export sales grew by 130% to $1.255 billion, and oil products' exports rose by 880% to $3.216 billion in the same period.

Source : RIA Novosti