AGL 39.76 Decreased By ▼ -0.24 (-0.6%)
AIRLINK 129.60 Increased By ▲ 0.54 (0.42%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.74 Increased By ▲ 0.25 (5.57%)
DCL 8.43 Decreased By ▼ -0.12 (-1.4%)
DFML 41.48 Increased By ▲ 0.66 (1.62%)
DGKC 81.55 Increased By ▲ 0.59 (0.73%)
FCCL 32.75 Decreased By ▼ -0.02 (-0.06%)
FFBL 74.10 Decreased By ▼ -0.33 (-0.44%)
FFL 11.97 Increased By ▲ 0.23 (1.96%)
HUBC 109.90 Increased By ▲ 0.32 (0.29%)
HUMNL 14.26 Increased By ▲ 0.51 (3.71%)
KEL 5.25 Decreased By ▼ -0.06 (-1.13%)
KOSM 7.68 Decreased By ▼ -0.04 (-0.52%)
MLCF 38.65 Increased By ▲ 0.05 (0.13%)
NBP 65.51 Increased By ▲ 2.00 (3.15%)
OGDC 193.49 Decreased By ▼ -1.20 (-0.62%)
PAEL 25.78 Increased By ▲ 0.07 (0.27%)
PIBTL 7.38 Decreased By ▼ -0.01 (-0.14%)
PPL 154.10 Decreased By ▼ -1.35 (-0.87%)
PRL 25.68 Decreased By ▼ -0.11 (-0.43%)
PTC 17.59 Increased By ▲ 0.09 (0.51%)
SEARL 79.86 Increased By ▲ 1.21 (1.54%)
TELE 7.78 Decreased By ▼ -0.08 (-1.02%)
TOMCL 33.70 Decreased By ▼ -0.03 (-0.09%)
TPLP 8.40 No Change ▼ 0.00 (0%)
TREET 16.56 Increased By ▲ 0.29 (1.78%)
TRG 57.30 Decreased By ▼ -0.92 (-1.58%)
UNITY 27.61 Increased By ▲ 0.12 (0.44%)
WTL 1.39 No Change ▼ 0.00 (0%)
BR100 10,604 Increased By 159.3 (1.52%)
BR30 31,210 Increased By 20.7 (0.07%)
KSE100 99,165 Increased By 1366.4 (1.4%)
KSE30 31,013 Increased By 532.1 (1.75%)

Cost cutting helped Russian oil company Rosneft beat both low crude prices and analyst expectations to post sharply higher third quarter earnings on November 25. Adjusted net profit of the government-controlled company rose to 113 billion rubles ($1.8 billion, 1.6 billion euros) in July through September, beating expectations of analysts surveyed by Russian Interfax news agency.
It had posted a loss of a billion rubles during the same period last year as global oil prices plunged and the West slapped sanctions on Moscow and top Russian companies over the Ukranian crisis "Despite a challenging economic environment, the company keeps improving its efficiency," said Rosneft's chief executive Igor Sechin.
"This is demonstrated by keeping operating costs in ruble terms at a sustainable level" despite a 12.0 percent increase in industrial prices in the Russian economy, he added.
It squeezed operating expenses by 6 percent 1.14 trillion rubles despite a small increase in production costs. Sales fell 8 percent to 1.27 trillion rubles, which was slightly below expectations. The plunge in the ruble has shielded Russian oil companies from most of the financial pain from the drop in the price of dollar-denominated crude, which has fallen by more than 50 percent in the past 18 months.
However the weak ruble has made it more costly for Russian companies to service debt denominated in foreign currencies, and Rosneft took on lots of debt to swallow its Russian rival TNK-BP in 2012. Sechin said Rosneft had improved is credit structure and that "the debt burden was reduced to the target level".
The company said its net debt had fallen to $24.5 billion compared with $39.9 billion in the second quarter.

Copyright Agence France-Presse, 2015

Comments

Comments are closed.