05 September 2012, Wednesday, 12:43

“BASHNEFT” net profit for the first six months made up 781 million dollars

author: Rasul Khamidullin

For the first half of 2012 net profit of the group of companies “BASHNEFT” made up 781 million dollars, shrinking by 13,4%, as compared with the same period of time in 2011. At that the EBITDA index dropped by 3,7% — to 1,5 million dollars and the group’s earnings in the first half of 2012 exceeded 8 billion dollars and that corresponded to the six month level of 2011, “BASHNEFT” press service reports.

The volume of net means, obtained by the group of companies from operational activity, was increased by 93,2% for the first half of 2012, making up 1,1 billion USD. The growth of money inflow allowed “BASHNEFT” increasing the volume of capital expenses by 16,6% — up to 436 million dollars. Besides, the group managed to reduce the volume of net debt by 21,9% — to 2,1 billion dollars.

“The results of our activity in the first half of 2012 demonstrate step-by-step development of our strategy. “BASHNEFT” preserved the volumes of oil mining and refining on optimal level and substantially widened volumes of retail sales” – the president of JSC “BASHNEFT” Alexander Korsik stated – “The increasing money inflow allowed us reducing the debt load, investing in new acquisitions in the upstream sector (oil prospecting and mining)”.

themes: bashneft