Alliance Oil sees IFRS earnings plummet 26% in Q3, below forecast
MOSCOW. Nov 22 (Interfax) - Alliance Oil Company's net profit to International Financial Reporting Standards (IFRS) plummeted 26% year-on-year in Q3 to $63.1 million, the company said in a statement.
This was below the $73 million that analysts predicted in a consensus forecast for Interfax.
Revenue for Q3 grew 37% to $794.4 million and EBITDA - 34% to $173.9 million. Profit before tax dropped 20.5% to $84.1 million due to foreign currency swap revaluation loss of $18.9 million.
Q3 production was down 2.5% to 4.2 million barrels, while the Khabarovsk refinery refined 7.1 million barrels of oil - up 9%.
The company's net profit for January-September grew 27% to $209.1 million, revenue - 40% to $2.257 billion and EBITDA - 42% to $454.2 million.
Alliance Oil Company was founded in 2008 by the merger of West Siberian Resources and the oil company Alliance.