Rosneft 1Q Core Earnings Beat Forecasts

Reuters

MOSCOW, April 30 (Reuters) – Rosneft, Russia's No. 1 oil producer, said on Wednesday its first-quarter core profit more than doubled, year-on-year, to 289 billion roubles, beating analyst forecasts.

Analysts, polled by Reuters, had expected January-March earnings before interest, taxation, depreciation and amortisation (EBITDA) of 280.7 billion roubles.

First-quarter net income of Rosneft, in which BP owns a 19.75 percent stake, declined by 14 percent to 88 billion roubles on the back of an exchange rate loss as a result of a weakening rouble.

The company also said that free cash flow more than tripled to reach 121 billion roubles in January-March, while net debt declined by 11.5 percent to 1.59 trillion roubles.

(Reporting by Vladimir Soldatkin, editing by Nigel Stephenson)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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