Rosneft Chechen subsidiary ups net profits 41.6% in 2011
ROSTOV-ON-DON. April 3 (Interfax) - OJSC Grozneftegaz, a subsidiary of Russian oil major Rosneft in Chechnya, increased its net profits to Russian Accounting Standards (RAS) by 41.6% last year to 180.102 million rubles, a company statement says.
Sales revenues were up 5.7% at 4.144 billion rubles.
The company did not provide an explanation for the increase in these figures.
Grozneftegaz financial highlights (1,000 rubles):
| 2011 | 2010 | |
| Sales revenues | 4 144 086 | 3 922 498 |
| Production costs | 3 460 265 | 3 328 307 |
| Gross profits | 683 821 | 594 191 |
| Sales profits | 550 144 | 473 951 |
| Pretax profits | 272 711 | 218 497 |
| Net profits | 180 102 | 127 232 |
The company's accounts payable contracted from 974.217 million rubles on the first of last year to 608.663 million rubles on January 1 this year, as its accounts receivable dropped from 1.297 billion rubles to 1.214 billion rubles.
Rosneft holds a 51% stake in the company's charter capital, the administration of Chechnya the other 49%.