Forex

Rosneft posts profit fall on revenue drop, forex

Rosneft Oil Co. (ROSN.MZ) on Tuesday reported a 23% fall in net profit on quarter, which it attributed to a drop in revenue and a lower benefit on foreign exchange.

The Russian oil company, which is 20% owned by U.K. oil company BP PLC (BP.LN), said its profit for the fourth quarter of 2018 fell to 109 billion rubles ($1.66 billion) from RUB142 billion in the third quarter.

Revenue in the fourth quarter fell 5.3% to RUB2.2 trillion, Rosneft said.

Profit for the full year more than doubled to RUB549 billion, from RUB222 billion in 2017, Rosneft said.

Production during the fourth quarter rose 3.9% compared with the year-earlier period to 5.9 million barrels of oil equivalent a day, Rosneft said. Compared with the third quarter of 2018, production rose 1.9%.

Source

neallesh@yahoo.co.uk

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