Rosneft Lifts 4Q Net Profit Up 83% on High Prices, Output

MOSCOW (Dow Jones Newswires), Feb. 4, 2011

Russia's largest oil producer, Rosneft, said fourth-quarter net profit rose 83% from last year on higher oil prices and crude output as well as tax breaks on one of its new fields.

London-listed Rosneft said net profit under U.S. Generally Accepted Accounting Principles rose to $3.06 billion from $1.67 billion in the fourth quarter of 2009, in line with a forecast of $3.07 billion in a Dow Jones Newswires survey of seven analysts.

Revenue increased 12% to $17.38 billion from $14.57 billion a year earlier, boosted by a rise in oil output in the three-month period and increased output from the huge East Siberian Vankor field, which was launched by the company in August 2008. Analysts had expected revenue of $17.30 billion.

Earnings before interest, taxes, depreciation and amortization, or Ebitda, rose 16% to $5.38 billion from $4.01 billion and were slightly above analysts' expectation of $5.31 billion.

Copyright (c) 2011 Dow Jones & Company, Inc.

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