Bashneft increased net profit by 4.6 percent in January-September

Elvira Latypova

UFA, 27 October 2014. /Bashinform News Agency, Elvira Latypova/. In the first nine months Bashneft achieved a net profit of 51 billion 25.5 million rubles, which is by 4.6 percent more than in January-September 2013, according to the company statements made under RAS.

Revenues amounted to 431.5 billion rubles (plus 15.4 percent), including from petroleum products sale - 314,9 billion rubles (plus 11.4 percent), oil - 104,9 billion rubles (plus 28.3 percent), from sale of other products and services - 11.7 billion rubles (plus 26 percent).

Cost of sales increased by 15.6 percent - up to 222.3 billion rubles, gross profit - by 15.3 percent to 209.2 billion rubles. Operating profit amounted to 69.7 billion rubles (plus 8.2 percent), profit before taxation - 62.6 billion (plus 1 percent).

Since the beginning of the year long-term liabilities of Bashneft increased from 101.9 billion rubles to 173 billion rubles. Accounts payable increased from 79.4 billion to 107.1 billion rubles. Short-term receivables decreased from 68.9 billion to 61.6 billion rubles, long-term receivables increased from 134.3 million to 2.8 billion rubles.

In the first nine months Bashneft increased oil extraction by 10 percent (13 million tons), oil refining - by 1.7 percent (to 16.3 million tons).

JSOC Bashneft is a vertically integrated oil company operating in more than 20 regions of Russia and abroad. By the end of 2013, it accounts for more than three percent of total oil extraction and about eight percent of total oil refining in Russia. The main shareholder is Sistema JSFC.

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