Bashneft second quarter net profit jumps 44%

Russian oil company Bashneft saw its second quarter net profit increase 44 percent quarter-on-quarter to $532 million under International Financial Reporting Standards, the company said in a press release on Thursday. First half net profit jumped 56 percent year-on-year to $902 million, the company said. Second quarter revenue rose 30 percent quarter-on-quarter to $4.5 billion due to an increase in sales volumes and higher prices on crude oil and product, while first half revenue jumped 67 percent year-on-year to $8 billion. Crude oil production rose in the second quarter 1.6 percent quarter-on-quarter to 3.738 million tonnes. Export sales of crude oil in the second quarter of 2011 amounted to $731 million, or 12 percent more quarter-on-quarter, while revenue from sales of crude oil on the domestic market remained practically unchanged at $85 million. Earnings Before Interest, Taxes, Depreciation and Amortization increased 33 percent quarter-on-quarter to $942 million, while first half EBITDA rose 43 percent year-on-year to $1.6 billion.