Rosneft Net Profit Up 58% at $3.94B, Beats Expectations

Rosneft Net Profit Up 58% at $3.94B, Beats Expectations

Friday, April 29, 2011
Dow Jones Newswires
by Jacob Gronholt-Pedersen

Rosneft said first-quarter net profit rose 58% from last year on higher oil prices and crude output as well as tax breaks on its Vankor field.

London-listed Rosneft said net profit under U.S. Generally Accepted Accounting Principles rose to $3.94 billion from $2.49 billion in the first quarter of 2010, above a forecast of $3.72 billion in a Dow Jones Newswires survey of eight analysts.

Revenue increased 36% to $20.12 billion from $14.76 billion a year earlier, boosted by a surge in global crude prices as well as higher output, helped by a ramp-up of production at the huge East Siberian Vankor field. Analysts had expected revenue of $20.3 billion.

Earnings before interest, taxes, depreciation and amortization, or Ebitda, rose 50% to $6.65 billion from $4.44 billion and were above analysts' expectation of $6.42 billion.

Rosneft said it produced 2.564 million barrels of oil equivalent per day during the quarter, and lowered net debt by 19% in the three months to $11.1 billion.