MOSCOW, August 15 (RIA Novosti) - Russia's largest state-run crude producer Rosneft [RTS: ROSN] posted on Friday an over fourfold increase in net profit calculated to Russian Accounting Standards (RAS) to 161 billion rubles ($6.6 billion) year-on-year in the first half of 2008.
The oil company's gross profit almost doubled to 262.4 billion rubles ($10.8 billion), its sales increased 120% to 210.7 billion rubles ($8.7 billion) and pretax profit went up 160% to 211.3 billion rubles ($8.7 billion) year-on-year in the reporting period.
Rosneft's US GAAP net income increased 600% year-on-year in the first quarter of 2008 to $2.56 billion.
In 2007, Rosneft boosted oil output 25% year-on-year to 100.9 million metric tons (739 million barrels).
