Russian Oil Releases a 30% Increase in Its Net Profit for the First Quarter
On June 28, 2015, according to a report from Reuters in Moscow, Rosneft released a report saying that its net profit in the first quarter rose by 30% to 56 billion rubles (1 billion US dollars), which was roughly in line with expectations. In a previous survey by Reuters, analysts forecast Russia’s oil net profit of 58 billion rubles. The company announced that it has adjusted its first quarter 2014 earnings correction to 45 billion rubles, excluding the share of Yukargapererabotka's share of the previously established joint venture company of Siebel Petrochemical Corporation. In its report, Russia’s oil company reported that its net profit for the first quarter of 2014 was 88 billion rubles. Russian oil said that its first-quarter results were affected by the adjustment of low oil prices and mining tax growth. It estimated that the new tax system caused 22 billion roubles in losses in January-March. Russian oil claimed that its net debt in the first quarter was 43.3 billion U.S. dollars, down nearly 5% year-on-year. The company had net debt of 43.8 billion U.S. dollars at the end of last year, which was lower than the 57.4 billion U.S. dollars at the end of 2013. The company must repay 23.5 billion U.S. dollars this year. Russian oil has changed its accounting method due to exchange rate fluctuations, so as to avoid billions of dollars in the cost of liabilities affecting profits. Russian oil is the world’s largest oil producer with an oil and gas production of 5.2 million barrels of oil equivalent/day. The company earlier this week stated that its “financial status remained stable and balanced after the adjustment of the business planâ€. Russian oil also said that its January-March revenue was 1,288 billion roubles, a year-on-year decrease of 6%, and profit before tax depreciation and amortization was 265 billion roubles, down 8% year-on-year.
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