30 Sep 2009 13:43

Rosneft not expecting worse Q3 US GAAP results

MOSCOW. Sept 30 (Interfax) - Rosneft is not expecting its financial results to US GAAP to deteriorate in the third quarter, the oil producer's chief, Sergei Bogdanchikov, told reporters.

"We're not expecting serious changes for the worse to US GAAP in Q3," he said.

"We were susceptible to the crisis, especially at the end of 2008 but for the first nine months [of 2009] we have successfully overcoming this: total investment and production has been maintained," Bogdanchikov said.

The earnings reports should be unveiled in November.

Net profit to US GAAP plummeted 63% year-on-year in the second quarter to $1.612 billion, and sales revenue almost halved to $10.947 billion.