UPDATE 1-Russia's Bashneft Q4 net profit doubles to $570 mln

Пятница, 22 апреля 2011 11:01 MSK
 

* Full-year net profit jumps to $1.429 bln

* Shares outperform broader market (Adds details, share price)

MOSCOW, April 22 (Reuters) - Russian mid-sized oil company Bashneft said its net profit more than doubled in the fourth quarter, year-on-year, to $570 million on the back of rising oil prices.

Bashneft, owned by oil-to-telecoms holding company Sistema (SSAq.L: Котировки) , also said full-year 2010 net profit rose to $1.429 billion from $420 million in 2009.

The company's Moscow-traded shares rose almost 1 percent as of 0700 GMT, outperforming the broader market , which edged up 0.1 percent.

After Sistema acquired Bashneft from the regional authorities in 2009 for around $2.5 billion, the company achieved the highest production growth level among its Russian peers.

In 2010, its daily crude production jumped 15.6 percent to 276,000 barrels, while refining volumes last year rose 2 percent to 21.193 million tonnes.

The full-year refining output was offset by maintenance works in the last quarter, when Bahneft's refining volumes fell 5.5 percent compared with the previous three months. (Reporting by Katya Golubkova; writing by Vladimir Soldatkin; Editing by Vinu Pilakkott)