Rosneft Profits Sink in Q4

摘要

Russian state-controlled Rosneft said Wednesday that net profits reached a record $11.12 billion in 2008 under US international accounting standards, a 71.5% jump from 2007. But profits slumped 64.4% in the fourth quarter as a result of collapsing oil prices and the time lag in setting Russian export duties. Earnings before interest, taxes, depreciation and amortization (Ebitda) in the quarter plunged 99.4% to $32 million, while revenues dropped 34.5% to just under $10.8 billion. Full-year Ebitda rose 18.3% to $17.1 billion, while revenues jumped 40.2% to almost $69 billion.