Sibneftegaz ups RAS net profit 11.4% in H1
SALEKHARD. Aug 15 (Interfax) - PJSC Sibneftegaz from Yamalo-Nenets autonomous district boosted RAS net profit 11.4% in the first half of 2016 year-on-year to 1.929 billion rubles, the company said in materials.
Revenue rose 4% to 8.589 billion rubles. Cost of sales was up 9.2%, resulting in a 6% decline in profit from sales.
But interest expense fell nearly 50% to 438.7 million rubles, contributing to the increased net profit.
Key financial indicators for Sibneftegaz ('000 rubles):
| H1 2016 | H1 2015 | |
| Revenue | 8 589 316 | 8 254 556 |
| Cost of sales | 5 478 051 | 5 015 039 |
| Gross profit | 3 105 893 | 3 239 517 |
| Profit from sales | 2 860 698 | 3 045 473 |
| Pretax profit | 2 433 919 | 2 192 406 |
| Net profit | 1 928 914 | 1 731 289 |
Payables increased to 2.738 billion rubles as of June 30, 2016, up from 2.565 billion rubles as of December 31, 2015. Receivables increased to 4.081 billion rubles from 2.123 billion rubles.
Sibneftegaz holds the licenses to explore and produce hydrocarbons at five sections in Yamalo-Nenets autonomous district: Beregovoy, Pyreiny, Khadyryakhinsky, Malokhadyryakhinsky and Tochipylkyinsky. Recoverable ABC1+C2 reserves totaled 470.65 million tonnes of oil equivalent as of January 1, 2013.
Oil and Gas Company Itera LLC , a Rosneft company, owned 79% of shares as of June 30, 2016. An Itera subsidiary, OJSC Firma Proyekt, had 21%.