MOSCOW, June 10 (RIA Novosti) - Bashneft, one of Russia’s top ten crude producers, posted an IFRS net profit of 11.992 billion rubles ($394 million) in January-March 2013, down 10.1 percent on the same period last year, the company said on Monday, citing rising costs.
The figure was above a consensus forecast of analysts polled by Prime news agency who expected the company’s net profit at 11.455 billion rubles ($376.8 million).
“The key factors in the year-on-year decrease in income included higher costs related to an increase in exports of petroleum products to countries outside the CIS (higher export duties and transportation costs), as well as an increase in production and operating costs, which was mainly related to a rise in heat and electricity prices,” Bashneft said in a statement.
The company’s revenues grew by 5.8 percent year-on-year to 125.58 billion rubles ($4.131 billion) compared with the analysts’ forecast of 134.824 billion rubles ($4.435 billion). EBITDA decreased by 14.9 percent year-on-year in January-March 2013, to 21.223 billion rubles.
