Rosneft 4Q Profit Jumps on Quarter as Oil Prices Rise
February 22 2017 - 3:14AM
Dow Jones News
By James Marson
MOSCOW--Russian state-controlled oil giant PAO Rosneft (ROSN.MZ)
said net profit doubled in the final quarter of last year compared
with the previous three months, as the price of crude oil rose and
the company added production through the acquisition of PAO
Bashneft.
Net profit stood at 52 billion rubles ($899 million) for the
fourth quarter, as revenue grew 21.4% to RUB1.49 trillion. Net
profit for 2016 fell 49% from a year earlier due to a fall in the
average oil price.
Russian oil companies such as Rosneft have been helped through
the recent period of weak oil prices by a tax system that provides
relief at lower prices and the weakness of the ruble, which held
back costs.
Rosneft acquired a controlling stake in medium-sized producer
Bashneft last fall, which it said could bring savings of RUB40
billion through synergies.
Write to James Marson at james.marson@wsj.com
(END) Dow Jones Newswires
February 22, 2017 02:59 ET (07:59 GMT)
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