Surgutneftegaz Profit Surged 55 pct

Russian oil company Surgutneftegaz announced its profit climbed 55 percent in the first half due to high oil prices, and the company increased production.

Net income rose to 52.4 billion rubles ($1.85 billion) from 33.9 billion rubles one year earlier, the company said.

Sales increased 51 percent to 194.2 billion rubles, from 128.7 billion rubles in the first six months of last year.