Russia's Rosneft more than triples Q2 net profit, shares hit record

Russia's Rosneft more than triples Q2 net profit, shares hit record

Russia’s largest oil producer Rosneft said on Tuesday its second-quarter net profit more than tripled to 228 billion rubles ($3.6 billion) on higher production and prices, pushing its shares to an all-time peak, Reuters reported.

Rosneft, in which Qatar is set to become the third-largest shareholder after the Russian state and BP, said its profit was also supported by a one-off gain from a share acquisition in an upstream joint venture and the revaluation of a stake in another joint venture.

Headed by Igor Sechin, Rosneft said its revenue in the second quarter was 2.07 trillion rubles, up 48 percent year-on-year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were 565 billion rubles, up 85 percent.

“The second quarter was mainly a reflection of the management’s efforts to improve the efficiency of the company,” Sechin said in a statement.

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