26 Oct 2010 17:16

Rosneft boosts US GAAP earnings 57.3% in 9M, 120% in Q3, above forecast

MOSCOW. Oct 26 (Interfax) - Rosneft boosted net profit to US GAAP 57.3% year-on-year in January-September to $7.616 billion and 120% in Q3 to $2.568 billion, the oil company said in a statement.

This was above the $7.476 billion that analysts predicted in a consensus forecast for the 9M and the $2.428 billion they forecast for Q3.

Net debt decreased to $14 billion during Q3 2010 and approached the level it was at the end of 2006 before the company borrowed to buy the assets of Yukos.

The net debt/EBITDA ratio has fallen to 0.78 in the last 12 months.

Net debt was $13.324 billion at the end of 2006. Rosneft borrowed $22 billion in March 2007 to buy core assets in Russia and abroad, including the Yukos assets at auctions.