Surgutneftegas swings to 89 bln rubles in H1 IFRS profit on drop in exchange rate differences
MOSCOW. Aug 29 (Interfax) - Surgutneftegas swung to 89 billion rubles net profit to International Financial Reporting Standards (IFRS) in H1 2017, from 103.78 billion rubles loss a year previously, the oil company said in a report.
Earnings before interest, taxes, depreciation and amortization (EBITDA) declined almost 7% to 154.616 billion rubles, according to Interfax calculations.
Sales revenue rose 13.7% year-on-year to 638.807 billion rubles. Operating expenses increased 20.5% to 425.298 billion rubles.
At the same time, losses from exchange-rate differences declined 82% to 56.387 billion rubles.
Funds on depository accounts increased from 2.180 trillion rubles at the start of the year to 2.278 trillion rubles.
Surgutneftegas holds funds of several billions in dollar deposits, which means profit and losses on exchange rate differences after converting its 'cash pile' significantly impacts the company's financial results when the exchange rate is volatile.
