Revenue in the reporting period climbed 77.7% to $58.19 billion, Rosneft said, while earnings before interest, taxes, depreciation and amortization (EBITDA) grew 81.7% in the reporting period to a record $17.08 billion.
In the third quarter of 2008, the company's net income grew 80% to $4.47 billion, EBITDA increased 31.4% to $5.33 billion and revenue was up 50.6% to $20.69 billion, Rosneft said.
"The increase in key financial indicators resulted from continued industry-leading growth in daily crude oil production, improved vertical integration following the acquisition of refining and marketing assets in 2007, improved cost control and the high level of international and domestic prices of oil, petroleum products and gas," Rosneft said.
At the same time, financial performance was affected by higher taxes, Rosneft said.
Taxes hit a record $12.5 billion in the third quarter of 2008 compared with $7.1 billion a year ago and $33.2 billion in January-September 2008 against $19.1 billion in the same period last year, Rosneft said.
The company's financial performance was also affected by transportation tariff hikes, which ranged from 13% to 33%, real ruble appreciation in the first six months of the year and a plunge in world oil prices by more than 30% in the third quarter of 2008, Rosneft said.
In the third quarter of 2008, Rosneft reduced its net debt by $2.05 billion to $19.39 billion largely due to a significant free cash flow of $2.23 billion, the crude producer said.
In 2007, Rosneft boosted oil output 25% year-on-year to 100.9 million metric tons (739 million barrels).
