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    Rosneft posts net profit increase for 1Q 2006 to GAAP

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    MOSCOW, June 12 (RIA Novosti) - Rosneft's net profits for 1Q 2006 calculated to U.S. GAAP were $802 million, up from $724 million during the same period of 2005, the state-owned oil company said Monday.

    The company's consolidated earnings grew to $7.52 billion in 1Q 2006 from $4.36 billion in 1Q 2005, while gross profit increased 24% from $1.55 billion to $1.92 billion year on year.

    "Despite severe weather conditions during winter of 2006, Rosneft increased oil production by 7% in January-March 2006, producing more than 19 million metric tons (139.65 million bbl) of oil compared with 17,8 metric tons (131 bbl) during the same period of last year," the company said in a statement.

    Rosneft also said its net debt remained practically unchanged at $11.14 bln.

    Rosneft has a charter capital of 90.92 million rubles (about $3.3 million), and its ordinary shares have a face value of 1 ruble each. Company experts estimate its value at $25 billion.

    The state-owned company is planning an IPO on the Moscow Interbank Currency Exchange and the London Stock Exchange in mid-July.

    Rosneft said in May its proven reserves as of December 31, 2005, were 18.9 billion barrels of oil equivalent, including 14.9 bln barrels of crude and 691 bln cubic meters of natural gas and company experts estimate its value at $25 billion.

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