Rosneft, a state-controlled oil company that held an initial public offering in London and Moscow in early July, said its sales had grown 41.7% in the reporting period, to 302.2 billion rubles (about $11.2 billion), and that gross profit totaled 101.66 billion rubles (about $3.76 billion).
With proven reserves of 18.9 billion barrels of oil equivalent on December 31, 2005, including 14.9 bln barrels of crude and 691 bln cubic meters of natural gas, Rosneft said the rate of return on its equity capital was 20.8% from January to June 2006.
The company's net profit, calculated to Russian Accounting Standards, rose 57%, quarter-on-quarter from April to June 2006, to 36.69 billion rubles (about $1.36 billion). The company attributed the growth to increased oil export revenues resulting from larger export volumes and higher oil prices.
