(updates to add details on payments from Yukos bankruptcy proceedings)
MOSCOW (Thomson Financial) - OJSC Rosneft said its second-quarter net income soared more than seven-fold to 7.655 bln usd, up from 1.077 bln thanks to payments from Yukos bankruptcy auctions, the consolidation of its Tomskneft acquisition and organic growth.
Rosneft booked 7.920 bln usd in one-time gains from the Yukos proceedings.
Sales rose to 10.785 bln usd from 8.602 bln.
Russia's largest crude producer also issued a separate adjusted net figure that included one-off effects related to Yuganskneftegaz's tax debt as well as other penalties accrued by some of the numerous assets of bankrupt Yukos it has acquired. The figure also excluded the one-off payments.
By this measure, second-quarter adjusted net rose to 1.657 bln usd from 1.108 bln.
'The results for the second quarter of 2007 show strong organic performance both through industry-leading production growth and increased profitability,' company president Sergey Bogdanchikov said in a statement.
'These financial results include the recently acquired assets for approximately half the second quarter and further improvements in profitability will be realized as we continue to integrate and optimise our portfolio,' he added.
Second-quarter crude oil production reached 171.35 mln barrels, up from 141.52 mln in the year-earlier period.
Natural gas production rose 17.2 pct to 3.73 bln cubic metres from last year's figure. alfred.kueppers@thomson.com amk/amk/ms1/vs/vs COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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