Kubannefteprodukt posts 578 mln rubles in RAS profit for 9mths
ROSTOV ON THE DON. Nov 12 (Interfax) - Oil company OJSC Rosneft-Kubannefteprodukt posted 577.875 million rubles in net profit according to Russian accounting standards (RAS) for January-September 2012 compared to 90.307 million rubles in net losses for the same period of 2011, the company said in its RAS reporting.
Sales revenue went up by 1.4% to 18.9179 billion rubles, including revenue from wholesale operations, down 30% to 5.7616 billion rubles.
The increase in net profit was driven by rising sales of petroleum products through filling stations by 7%, as well as growth in sales revenue (2.5 billion rubles) and from auxiliary businesses (286.7 million rubles).
OJSC Rosneft-Kubannefteprodukt's main RAS financial results in 9mths (in thousands of rubles):
| 9mths 2012 | 9mths 2011 | |
| Sales revenue | 18 917 984 | 18 657 869 |
| Costs of sales | 14 826 963 | 16 056 338 |
| Gross profit | 4 091 021 | 2 601 531 |
| Profit from sales | 964 931 | 30 810 |
| Pretax profit (losses) | 752 634 | (98 690) |
| Net profit (losses) | 577 875 | (90 307) |
The company's short-term accounts payable increased from 2.423 billion rubles on January 1, 2012 to 2.7466 billion rubles on October 1. Accounts receivable rose from 712.617 million rubles to 789.148 million rubles.
Rosneft-Kubannefteprodukt is mainly involved in storing, marketing, and selling oil and petroleum products. The company has 20 oil bases, one natural gas-filling station and 188 regular filling stations.
Russian oil giant Rosneft owns 89.5% of the shares in Rosneft-Kubannefteprodukt, or 96.61% of voting shares.