Bashneft IFRS earnings down 37% to $337 mln in H1, below forecast
MOSCOW. Sept 3. (Interfax) - Bashneft saw its net profit to International Financial Reporting Standards (IFRS) fall 36.6% year-on-year in Q2 2012 to $337 million, the oil company said in an earnings report.
This was a little below the $354 million that analysts predicted in a consensus forecast for Interfax.
Sales revenue fell 10% to $4.082 billion (analysts forecast $3.978 billion), and earnings before taxes, depreciation and amortization (EBITDA) fell 19% to $763 million ($721 million).
The company said net profit fell in Q2 2012 due to a worsening price environment and lower petroleum product export volumes. Higher petroleum product excises also took their toll.
Net profit fell 13.4% year-on-year in H1 2012 to $781 million, revenue was flat at $8.005 billion and EBITDA fell 3.7% to $1.587 billion.
Net profit only fell 13.4% while revenue was flat in the half because of higher export duties, excises and natural resource extraction tax.
Net operating cash flow rose 93.2% to $1.186 billion, capex grew 16.6% to $436 million and net debt fell, by 21.9% to $2.103 billion.
The company raised oil production 3.1% year-on-year in H1 to 7.651 million tonnes, while refinery throughputs fell 3.4% to 10.074 million tonnes, due to scheduled repairs and maintenance at the Ufa refinery .
The company purchased 4.847 million tonnes of oil, gas and gas condensate in H1 2012, 10% less than in the same period of last year. These purchases fell 6.3% in value to $1.829 billion due mainly to a weaker ruble against the dollar and a decrease in refining volumes. The decrease was partially offset by the acquisition of OJSC Orenburgnefteprodukt and the consolidation of BN-Nefteproduct Group in 2011.
Bashneft has surplus refining capacity and buys West Siberian crude and gas, including condensate, to process at its own refineries. It signs annual contracts to buy crude from Lukoil , TNK-BP , Surgutneftegas , Shell and Rosneft .
