Bloomberg News

Bashneft Drops Most in a Week as Revenue Misses Estimates

May 29, 2012

OAO Bashneft, the regional oil producer controlled by Russian billionaire Vladimir Evtushenkov’s AFK Sistema, fell the most in a week after posting first-quarter revenue that missed analyst estimates.

Bashneft declined 0.9 percent to 1,610.10 rubles by the close in Moscow, the biggest one-day drop since May 23. The Micex Index rose 2.8 percent to 1,327.08 rubles.

Sales in the first quarter rose 13 percent to $3.92 billion from a year earlier, according to an e-mailed company statement. Nine analysts surveyed by Bloomberg had expected an average revenue of $4.27 billion.

“The revenue came below expectations,” Slava Bunkov, an analyst at Aton LLC in Moscow, said by phone. “Bashneft focused its sales on the domestic market and lost because the oil prices were lower than if they had focused on their exports.”

International sales made up 57 percent of Bashneft’s revenues in 2011, according to data compiled by Bloomberg. First-quarter oil production climbed 4 percent to 3.84 million tons.

Net income beat estimates, rising 20 percent to $444 million from a year earlier, according to the statement.

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

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


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