Alliance Oil swings to $8 mln IFRS net profit in Q3 from loss year earlier
MOSCOW. Nov 29 (Interfax) - Alliance Oil Company, the core asset of Eduard Khudainatov's Independent Petroleum Company (IPC), posted net profit of $8 million to International Financial Reporting Standards (IFRS) in Q3 2016, against losses of $88 million the year before, the company said in a report.
Earnings before interest, taxes, depreciation and amortization (EBITDA) grew 10% to $87 million.
Alliance Oil's revenue in Q3 2016 rose 17% year-on-year to $618 million.
For the 9M the company posted net profit in the amount of $116 million against losses of $104 million a year earlier. The company's EBITDA in the 9M amounted to $252 million, up 10%. Alliance Oil's revenue in the reporting period fell 5% to $1.571 billion.
In Q3 of this year the company's oil production was 4.9 million barrels of oil equivalent (about 655,000 tonnes) in comparison with 5.1 million barrels of oil equivalent (681,000 tonnes) in Q3 2015. For the 9M oil production remained at the level of 14.8 million barrels of oil equivalent (2 million tonnes).
Oil refining in July-September rose to 9.4 million barrels (about 1.3 million tonnes) from 7.7 million barrels (about 1 million tonnes) last year. In the 9M refining rose 11% to 25.7 million barrels of oil equivalent (3.4 million tonnes).
Former Rosneft chief Eduard Khudainatov bought Alliance Oil Company from the Bazhayev family in 2014. At present two issues of Eurobonds and one issue of ruble-denominated bonds issued by IPC-Aktiv , the former Alliance Oil Company, which is part of Alliance Oil, are outstanding.
Alliance Oil owns the Khabarovsk Oil Refinery , with a capacity of 5 million tonnes per year, and produces oil and gas in Russia and Kazakhstan. It has a joint upstream project with Repsol in Russia's Khanty-Mansiysk Autonomous District.
Alliance Oil Company's 2P oil reserves were 614.3 million BOE and gas - 47.5 million BOE at the end of 2014, according to an estimate by DeGolyer and MacNaughton.