13 Nov 2009 18:40

Russneft lowers RAS revenue by 30% in 9mths

MOSCOW. Nov 13 (Interfax) - Russneft's revenue according to Russian accounting standards (RAS) dropped by 30% to 83.20 billion rubles, the company said in its financial results.

Production costs dropped by 35% to 57.7 billion rubles, gross profit - down 15.5% to 25.5 billion rubles, profit from sales - 36% to 13.8 billion rubles and pretax profit - up 24% to 20.252 billion rubles.

It was earlier reported that the company's net profit in the nine months went up by 90% to 17.013 billion rubles.

The company's total long-term loans and borrowing almost doubled over the nine months to 149.5 billion rubles. In the third quarter, this amount dropped by 6 billion rubles. Total short-term debt in the nine months went up by 41% to 36.153 billion rubles while declining by 1 billion rubles in the third quarter.

Russneft's debt to Sberbank in the third quarter by 4 billion rubles. The company's debt to Interseal dropped by 2.4 billion rubles.