Surgut Russia’s fourth-largest oil company, saw net profit fall 88 percent in the second quarter from the first to 8.472 billion roubles ($276.5 million), the company reported on Thursday. In the first quarter net profit almost tripled from the fourth quarter to 68.79

billion roubles under Russian Accounting Standards (RAS). Year-on-year,
net profit rose 6.3 percent in the first half of 2009 to 77.262 billion
roubles. The company did not give the reason for lower profits in the
second quarter when oil prices were stronger than in the first quarter
but the rouble strengthened versus the dollar. Unlike many other
Russian oil firms Surgut does not report to international accounting
standards. It is also free of debt and analysts have estimated it had a
cash pile of $18.8 billion as of March 31.

Source: Reuters

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