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Wednesday, November 29, 2023

Bashneft lost almost 4 billion RUB for 9 months of 2020

Only in the third quarter the company achieved net profit.

Moscow, 15 Nov – IA Neftegaz.RU. A net loss of Bashneft attributable to shareholders, for the first 9 months 2020 amounted to 3,958 billion RUB compared to sales profit of 66,93 billion RUB, the company informed.

This is evidenced by the report of the company under IFRS.

Revenues for January-September 2020 amounted to 416,053 bn, a reduction of 35.1%.

Operating loss was 11.06 billion RUB compared to sales profit of at 96.4 billion rubles a year earlier.

The company’s capex reached 47,806 billion rubles., showing an increase of 10%.

Only in the third quarter the company achieved net profit attributable to shareholders, 2.41 bn, which, however, was 9 times lower than in the same period of 2019.

Revenue grew 1.7 times year-on-year to 125,99 bn and operating profit of 23 times, to 1.39 billion rubles.

The most affected indicators: the collapse of world oil prices, reduced demand for oil and oil products, the agreement of the countries-participants of OPEC+ on the reduction of oil production in the period from may 2020.

The main influence, not surprisingly, a serious deterioration of the economic situation worldwide due to the pandemic COVID-19.

Since the third quarter of 2020 financial showed Bashneft has improved, compared with the second quarter in the reporting period the company’s revenue grew by 9.8%, and net income came out of negative value.

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