Siberian Oil Firm Swings to H1 Loss

Siberian oil and gas producer Surgutneftegaz has posted a net loss of rubles 15.52bn rubles ($233mn) for the first half, marking its first interim loss in three years.

The private company blamed the weak result on unfavourable foreign currency rates. It booked its last loss in the first half of 2016, or rubles 10.38bn, also as a result of foreign exchange impairments. It recorded a rubles 390bn profit in January to June of 2018.

Revenues climbed 9% to rubles 933.7bn in the first half, while Ebitda rose 12% to rubles 256.1bn, the company reported in its IFRS results on August 29.