Rosneft profit soars on higher revenue, oil prices
Rosneft Oil Co. (ROSN.MZ) said Tuesday that net profit in the second quarter of the year more-than doubled, citing rising revenue on the back of higher crude oil prices.
The Russian oil company, in which BP PLC (BP.LN) owns a 20% stake, said that profit for the second quarter rose to 228 billion rubles ($3.59 billion), from RUB81 billion in the year-earlier period.
As well as higher oil prices, net profit also benefited from favorable currency-exchange rates and another one-off gain from a joint venture with a foreign partner, the company said.
Revenue in the second quarter of 2018 rose 20% to RUB2,065 billion, Rosneft said. Free cash flow increased by 56% to RUB221 billion
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