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Rosneft Expects Return To Profit In 3Q

Rosneft Expects Return To Profit In 3Q
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Πεμ, 2 Αυγούστου 2012 - 18:05
Russian state-controlled oil giant OAO Rosneft (ROSN.RS) sees a return to profit in the third quarter after an unexpected loss of RUB8 billion in the second quarter, the company's Vice President Dmitry Avdeyev said.
Russian state-controlled oil giant OAO Rosneft (ROSN.RS) sees a return to profit in the third quarter after an unexpected loss of RUB8 billion in the second quarter, the company's Vice President Dmitry Avdeyev said.

"We expect a profit, and a significant one, in the third quarter compared with the second quarter," Avdeyev said through the company's press office.

He added that the second-quarter results "were neither good, nor bad and were determined by a set of macroeconomic factors."

Rosneft said Wednesday that its bottom line had been hit by lower crude prices, the negative effect of a time lag in taxation, and the ruble's depreciation against the dollar.
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