13 Nov 2009 16:32

Surgutneftegas cuts RAS revenue 22.5% in 9M

MOSCOW. Nov 13 (Interfax) - Surgutneftegas cut sales revenue to Russian Accounting Standards (RAS) 22.5% year-on-year in January-September to 368.581 billion rubles, the Russian oil major said in a financial report.

Gross profit fell 22.7% to 129.044 billion rubles, operating profit - 29.3% to 99.17 billion rubles and pretax profit - 29.4% to 112.288 billion rubles.

The company has said net profit to RAS fell 24.7% year-on-year in the 9M to 90.445 billion rubles. Earnings rose 62% in 2008 to 143.917 billion rubles.

Surgutneftegas also said its liquid assets (long- and short-term financial investments and cash) grew 6% during the 9M to 621.37 billion rubles.

Liquid assets were 640.311 billion rubles at end Q1 2009 and 626.636 billion rubles at end H1 2009.

Company chief Vladimir Bogdanov has said the company had "very many projects" and it was in these projects that it intended to invest free cash funds.

However the only major new project that has come to fruition in recent months is the acquisition of 21.22% of Hungary's MOL for EUR 1.4 billion at the beginning of April.