Rosneft recorded a third quarter profit boost despite a fall in oil price.
The Moscow-based firm recorded a net income attributable to shareholders of 112billion rubles.
It reported a foreign currency gain of 83billion rubles – a significant gain on last year’s loss of 95billion rubles.
Chairman Igor Sechen said: “Despite of challenging economic environment, the Company keeps improving its efficiency. This is demonstrated by keeping operating costs in rouble terms at sustainable level in conditions of 12.0% increase in industry prices. Preserving the cost base and efficient risk management contributed to an increase in profits for 9M 2015 compared to 9M 2014 despite oil price drop. The Company achieved a structural improvement in the credit profile, while the debt burden was reduced to the target level.”
Revenue for the quarter was down 8.4% to 1.27trillion rubles.
Despite the dip, the company increased the sales of crude oil and oil products by 2% and gas sales by 5.6%
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