Rosneft profit takes hit
Russia rosneft
The company’s quarterly results were far below analysts’ expectations, who had projected a net income of around USD 687 million. Sales were down too, reaching about USD 183 million.
“In Q3 2016 the environment on the commodity markets remained difficult. Additional pressure on the company’s profitability was from (a) considerable negative export duty lag effect,” CEO Igor Sechin said in a statement.
On the upside, Rosneft reported a 20% increase in earnings before interest, taxation, depreciation and amortisation to USD 4.46 billion.
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