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Surgutneftegas swings to profit in H1

Surgutneftegas OJSC said its first-half normalized net income came to 1.97 Russian rubles per share, compared with a loss of 2.09 rubles per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 70.34 billion rubles, compared with a loss of 74.83 billion rubles in the prior-year period.

Total revenue grew 13.3% on an annual basis to 538.41 billion rubles from 475.35 billion rubles, and total operating expenses climbed 20.6% year over year to 414.99 billion rubles from 344.15 billion rubles.

Reported net income totaled 89.03 billion rubles, or 2.49 rubles per share, compared with a loss of 103.80 billion rubles, or a loss of 2.91 rubles per share, in the prior-year period.

As of Aug. 29, US$1 was equivalent to 58.75 Russian rubles.