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Bashneft posts FY 2010 net income of $1.4 billion

Bashneft posts FY 2010 net income of $1.4 billion
Bashneft, Russian oil producer, has posted a net income after minority interest of $1.4 billion under IFRS.


The FY net result was up 240.2% year on year from the FY 2010 net income of $420 million, with FY OIBDA rising 138.7% to $2.98 billion from $1.25 billion in 2009, as revenues grew 96.9 % year on year to $13.34 billion.

For 4Q 2010 net income after minority interest jumped 105.8% to $570 million from $278 million in 3Q 2010, with the 4Q OIBDA climbing 46% quarter on quarter to $992 million, as 4Q revenues rose 2.5% to $3.6 billion from $3.5 billion posted for the previous 3 months.

The Company attributed its improved financials in 4Q 2010 to increased crude oil production, higher world price for the commodity and for petroleum products and non-recurring income from revaluation of the stake of Bashneft in OJSC Belkamneft.