Rosneft RAS net profit rises 11.3% y-o-y in H106

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Rosneft [LSE: ROSN] said Friday its net profit calculated to Russian Accounting Standards had increased by 11.3% to 77.5 billion rubles ($2.8 billion) year on year in the first half of 2006.

MOSCOW, July 28 (RIA Novosti) - Rosneft [LSE: ROSN] said Friday its net profit calculated to Russian Accounting Standards had increased by 11.3% to 77.5 billion rubles ($2.8 billion) year on year in the first half of 2006.

The oil company, which held an initial public offering in London and Moscow earlier in the month, said oil export earnings, mainly an increase in the sales volume and market oil price, had caused the growth.

Assets grew 11.08% to 684 billion rubles ($25.5 billion) in the second quarter resulting from the reassessment of the shares of the company's subsidiaries, the acquisition of new licenses and an increase in disposable funds from buyers on bank deposits.

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