Rosneft GAAP net profit falls 18.5% in 9M06, to $2.93 bln

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MOSCOW, December 27 (RIA Novosti) - Rosneft [RTS: ROSN] said its net profit, calculated to US GAAP, fell 18.5% in the first nine months of 2006, to $2.93 billion, the company said Wednesday.

Revenues grew 50.6% over the period, to $25.521 billion.

Rosneft said the drop in the net profit was down to a heavier tax burden, with all taxes, except for the profit tax, increased by 22.4%, and the export duty up 66.2%.

Profits before interest, taxes, depreciation and amortization (EBITDA) grew 13.6% to $6.395 year-on-year between January and September, up from $5.627 billion in the same period last year.

Net cash flow from operating activities grew to $3.56 billion in the first nine months of this year, a 79.3% increase on last year's $1.985 billion.

Capital investments increased 64.9% to $2.131 billion, from $1.292 billion a year ago.

Natural gas production grew 7.5% to 10.12 billion cubic meters in January-September 2006, up from 9.41 billion cu m in the same period last year.

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