Russia's Rosneft reports 70% US GAAP net profit rise in 2008

Russia's state-controlled crude oil producer Rosneft said on Wednesday its US GAAP net profit grew 70%, year-on-year, in 2008 to $11.12 billion, RIA Novosti reports.

Revenues climbed 40.2% to $68.9 billion and EBITDA (earnings before interest, taxes, depreciation and amortization) grew 18% to about $17.1 billion, Rosneft said.

Rosneft became Russia's largest crude producer after acquiring most of the assets of bankrupt oil firm Yukos through liquidation auctions in 2007.