15 Aug 2011 19:51

Bashneft net profit up 53% to 23.4 bln rubles in H1

MOSCOW. Aug 15 (Interfax) - Bashneft posted a net profit of 23.398 billion rubles in the first half of 2011 under Russian accounting standards (RAS), 53% more than in the same period last year, the company said in its earnings report.

Revenue rose 40% to 225.16 billion rubles and gross profit was up 53% to 91.624 billion rubles. Costs were also higher, rising 31% to 133.535 billion rubles. The profit from sales increased 66% to 36.897 billion rubles in the period.

Revenue from oil sales came to 44 billion rubles (19.7% of total revenue) and revenue from petroleum products - 174 billion rubles (77.3%).

Bashneft combines the Bashkortostan-based assets of the Sistema holding.