Rosneft Profits Tumble in Third Quarter Despite Vankor Launch

摘要

Top Russian oil producer Rosneft saw net profits for the third quarter plummet 66% from a year earlier as a result of lower oil prices and a foreign exchange loss, despite ramping up production with the launch of its 3.8 billion-barrel Vankor field in the Russian Arctic. The state giant posted net income under US GAAP standards of $1.168 billion for July- September, down from $3.47 billion a year ago and missing analysts' forecasts of around $1.38 billion.