Rosneft Posts 1H Results

By The Moscow Times

July 29, 2013

Rosneft reported 35 billion rubles ($1.07 billion) in second-quarter net income, beating analyst expectations of 31.3 billion rubles in its first fully integrated results after its buyout of TNK-BP.

However, second quarter net income was a third of the 102 billion rubles that Rosneft reported in the first quarter.

The drop was due to foreign exchange losses as a result of the ruble weakening, amounting to a 55 billion ruble forex loss on its debt obligations in the second quarter compared with an 11 billion rubles loss in the first.

The results were also negatively influenced by a 6 percent decline in oil prices, year on year, and high export duties.

Adjusted free cash flow stood at 35 billion rubles in the second quarter, Rosneft said, slightly ahead of the first quarter.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue