Russia's Rosneft more than triples Q2 net profit, shares hit record

Russia’s largest oil producer Rosneft said on Tuesday its second-quarter net profit more than tripled to 228 billion rubles ($3.6 billion) on higher production and prices, pushing its shares to an all-time peak, Reuters reported.

Rosneft, in which Qatar is set to become the third-largest shareholder after the Russian state and BP, said its profit was also supported by a one-off gain from a share acquisition in an upstream joint venture and the revaluation of a stake in another joint venture.

Headed by Igor Sechin, Rosneft said its revenue in the second quarter was 2.07 trillion rubles, up 48 percent year-on-year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were 565 billion rubles, up 85 percent.

“The second quarter was mainly a reflection of the management’s efforts to improve the efficiency of the company,” Sechin said in a statement.