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SSA - AFK Sistema PAO News Story

$5.4 -0.1  -1.5%

Last Trade - 18/09/20

Mid Cap
Market Cap £2.00bn
Enterprise Value £8.90bn
Revenue £6.04bn
Position in Universe 268th / 1807

UPDATE 1-Russia Bashneft 2012 net profit up 4.5 pct

Mon 15th April, 2013 10:13am

* Q4 net income down 38 pct due to higher costs

* Bashneft feels negative impact of "60-66" export duty regime

(Adds detail, share price)

MOSCOW, April 15 (Reuters) - Middle-sized Russian oil company Bashneft BANE.MM said on Monday net profit increased in 2012 by 4.5 percent, year-on-year, to 52.1 billion roubles ($1.68 billion) on the back of rising production and exports.

But net income in the fourth quarter fell 38 percent to 10.76 billion roubles from the previous three months, below some analysts' forecasts, due to higher export fees and transportation tariffs.

The fourth quarter showed the impact of Russia's so-called "60-66" export duty regime introduced in 2011, which cut export duties on crude oil but increased them on low-grade oil products.

The company, owned by oil-to-telecoms holding company Sistema SSAq.L AFKS.MM , has been adversely affected by the export duty regime due to its large exposure to refined products.

Bashneft's Moscow-traded shares fell 2.6 percent in early trade, underperforming a 1.33 percent decline in the broader market .MCX . Later its shares pared losses and were almost flat as of 0905 GMT, while the main Moscow stock index fell further, by 1.8 percent.

Bashneft said that revenues increased 9.5 percent last year to 532.5 billion roubles, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 5.2 percent to 98.7 billion roubles.

Bashneft also said that it's oil production rose by 1.9 percent to a record-high of 15.437 million tonnes (307,900 barrels per day) in 2012.

It said it aims to maintain this level of production for years to come.

($1 = 31.0341 Russian roubles)

(Reporting by Denis Pinchuk and Vladimir Soldatkin; Editing by Lidia Kelly and Jane Merriman)

(( 495 775 12 42)(Reuters Messaging:


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