Bashneft increased net profit by 6.2 percent in the first half of the year

JSOC Bashneft has finished the first half of the year with a net profit of 32.8 billion rubles, which exceeds the comparable result in 2013 by 6.2 percent, according to RAS reporting.

Revenues for the same period increased by almost a quarter - up to 288 billion rubles, of which 208.7 billion rubles - proceeds from sale of oil products, 72.3 billion rubles - from oil sales. Cost of sales increased by 21 percent and amounted to 146.9 billion rubles. Gross profit was formed in the volume of 141.1 billion rubles against 110.4 billion rubles in the first half of 2013. Profit before tax amounted to 40.8 billion rubles, increasing by 9.1 percent compared to January-June last year.

From the beginning of the year long-term liabilities increased by 1.7 times - to 173.2 billion rubles, short-term liabilities – by 1.6 times, to 148 billion rubles.

Earlier it was reported that in the first half of the year Bashneft extracted 8.5 million tons of oil – by 9.3 percent more than in January-June 2013. The company refineries processed 10.8 million of tons of hydrocarbons with a growth of 2.8 percent.

JSOC Bashneft is a vertically integrated oil company operating in the regions of Russia and abroad. According to the results of 2013 it is the seventh largest oil producer (16.1 million tons) and the fourth — in terms of oil primary refining (21.4 million tons) among oil companies in Russia. The main shareholder is Sistema JSFC.