Bashneft's H1 profit slides 13.4 percent
Bashneft's IFRS net profit declined 13.4% year-on-year to $781m in the first six months of 2012, the oil major said in a statement. Revenue remained flat at $8bn, EBITDA decreased 3.7% to $1.59bn, net debt dropped 21.9% to $2.1bn, net cash flow from operating activities rose 93.2% to $1.19bn, and capex amounted to $436m, up 16.6% year-on-year, RBC reports.
In Q2 2012, Bashneft's net profit plunged 24.1% to $337m, revenue climbed 4.1% to $4.08bn, and EBITDA declined 7.4% to $763m.
Commenting on the H1 results, Bashneft's CEO Alexander Korsik pointed out that the upsurge in operating cash flow helped the company to deleverage, as well as to focus its investment effort on the upstream segment, while maintaining its output and refining capacities at a comfortable level and boosting retail sales. In fact, oil output rose 3.1% to 7.65m tons in H1, as daily output averaged 42,000 tons.