Russia's Rosneft more than triples second quarter net profit, shares hit record | Reuters

Russia's Rosneft more than triples second quarter net profit, shares hit record | Reuters:

Russia’s largest oil producer Rosneft said on Tuesday its second-quarter net profit more than tripled to 228 billion rubles ($3.6 billion) on higher production and prices, pushing its shares to an all-time peak.

Rosneft, in which Qatar is set to become the third-largest shareholder after the Russian state and BP, said its profit was also supported by a one-off gain from a share acquisition in an upstream joint venture and the revaluation of a stake in another joint venture.

Rosneft, headed by Igor Sechin, a close ally of Russian President Vladimir Putin, said its revenue in the second quarter was 2.07 trillion rubles, up 48 percent year-on-year.