Net profit of “Bashneft” under RAS for 9 months decreased by 20%

Net profit of “Bashneft” under RAS for 9 months decreased by 20%


The revenue of Bashneft in the first nine months of 2015 fell by 7,39% comparing with the same period last year, follows from company documents.

MOSCOW, 28 Oct. Net profit of “Bashneft” under RAS for the first nine months of 2015 decreased by 20% compared with the same period of 2014 and amounted to $ 40,836 billion rubles, follows from company documents.

The revenue of Bashneft in the reporting period amounted to 399,561 billion (a decline of 7,39%).

Cost of sales in the reporting period grew by 8.42% to 241,013 billion. Gross profit decreased by 24.2% to 158,547 billion rubles, and commercial expenses decreased by 31.7% and amounted to $ 90,507 billion rubles, administrative expenses increased by 11,14% to 7,771 billion.

Profit from sales amounted to $ 60,268 billion, which is 13.5% lower compared with the same period last year. Profit before tax decreased by 17% to 52,017 billion.

Long-term liabilities since the beginning of the year decreased by 12.28% and as at 30 September was $ 147,439 billion rubles, including borrowed funds — 110,982 billion (a decrease of 14.46%). Short-term liabilities in Bashneft amounted to 102,17 billion (a decrease by 19.7%). Volume of short-term borrowings decreased by 5.5% and amounted to $ 30,139 billion.

Bashneft is the parent company of the Bashkir fuel and energy complex group; specialized in oil production in Bashkiria, Western Siberia and the Orenburg region. Holds licenses for subsoil plots in the Nenets Autonomous district, including the large fields name Trebs and Titov. Supplies oil to the domestic market and for export. The company includes processing assets and a network of filling stations.