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Alliance Oil posts 2Q 2011 net profit of $56 million

Alliance Oil posts 2Q 2011 net profit of $56 million
Swedish listed Russian oil producer, Alliance Oil, has posted a 2Q 2011 net profit of $56 million under IFRS.

­he bottom line is up 64% from the $34.1 million net profit posted for 2Q 2010, with 2Q EBITDA up 40% year on year to $124.1 million, as 2Q revenues rose to $784.2 million from $531.5 in 2010.
The Net profit for the six months ended 30 June was also up to $146.1 million from the $79.6 million posted for the same period in 2010 with EBITDA amounted of $280.4 million, on the back of revenues rising from $1.032 billion in 1H 2010 to $1.462 billion this year
Alliance Oil Managing Director, Arsen Idrisov, said the result reflects higher prices, with headwinds stemming from falling margins and a strengthening Russian currency.
“During the second quarter of 2011, the market conditions for crude oil further improved. In turn, the oil products market faced higher costs and new fiscal initiatives. The Russian Ruble strengthened against the US Dollar. Demand for oil products continued to grow yet with weakening margins. Higher crude export duties and production taxes resulted from recent quarters' oil price increases. Consolidated EBITDA and net income decreased compared to the first quarter of 2011, primarily due to lower sales volumes of crude oil, increases in taxes and reduced margins on oil products. For the downstream segment, the current fiscal policy presents further challenges to economic performance.”