Russia’s Rosneft profit, revenue jump on acquisitions

Telco

Russia's largest oil firm, state-controlled Rosneft reported a jump in its Q1 financials on the back of acquisitions and strong global oil prices.

Rosneft said its net profit to US Generally Accepted Accounting Principles (GAAP) soared more than seven-fold to $2.56 billion in the quarter from $358 million in the first quarter of 2007, slightly above analysts' forecast of $2.5 billion.

Revenues almost doubled to $16.37 billion from $8.22 billion in the same period a year ago. Analysts surveyed by Reuters had expected the firm to report revenues of $16.5 billion. (Reuters)

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Tech