Russian subsidiary of Eurasia Drilling boosts RAS net profit by 15% in Q1 to 1.3 bln rubles
MOSCOW. April 21 (Interfax) - LLC Burovaya Kompaniya Eurasia (BKE) (Drilling Company Eurasia) (MOEX EVRB), which is Eurasia Drilling Company's main Russian asset, in Q1 2016 increased net profit to Russian Accounting Standards (RAS) by 15% year-on-year to 1.258 billion rubles, the company said in a report.
The company's revenue rose 8.4% to 15.158 billion rubles. Cost of sales fell 4.5% to 11.78 billion rubles.
Gross profit in the reporting period amounted to 3.378 billion rubles, which doubled in comparison with Q1 2015. Operating profit nearly tripled to 2.71 billion rubles. Pretax profit for Q1 2016 was 1.509 billion rubles against 1.366 billion rubles a year earlier.
BKE's long-term obligations for Q1 2016 rose from 2.986 billion rubles to 3.19 billion rubles. Short-term obligations fell since the start of the year by 8% to 18.364 billion rubles.
Eurasia Drilling Company owns BKE through Cypress Oilfield Holdings. BKE itself controls 100% of the foreign company LLC BKETuron Bureniye (Drilling), which is registered in Uzbekistan. BKE's production capacities are focused on the Western Siberia, Volgo-Uralsky and Timano-Pechorsky regions, the company also works in Eastern Siberia and Kazakhstan.
