Bloomberg News

Surgutneftegas Shares Drop to Week-Low on First-Quarter Loss

May 03, 2012

OAO Surgutneftegas fell to the lowest level in more than a week after Russia’s fourth-largest oil producer swung to a loss as a stronger ruble cut the value of its foreign currency holdings.

The company’s shares retreated 0.6 percent to 28.194 rubles by the close in Moscow, their weakest price since April 24. The preferred stock slid 1.5 percent to 19.098 rubles.

The western Siberian-based oil company reported a net loss of 4.66 billion rubles ($158 million) in the first quarter compared with net income of 15.3 billion rubles a year earlier, according to a financial report under Russian accounting standards posted on its website.

The ruble advanced 9.2 percent against the dollar during the first three months of the year, according to data compiled by Bloomberg.

To contact the reporter on this story: Ksenia Galouchko in New York at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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