Support The Moscow Times!

Surgut Sees $160M Q1 Loss

Surgutneftegaz, Russia's fourth-largest oil company, on Thursday reported a 4.7 billion ruble ($160 million) net loss for the first quarter against a 15.3 billion ruble profit a year ago.

Revenues rose 17 percent, year on year, to about 220 billion rubles, the company said in a statement on its website.

The results are to Russian Accounting Standards. Surgut is expected to start disclosing its financials to international standards starting from 2013.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.