Surgutneftegaz, the fourth largest oil company in Russia by production and the first largest by cash on hand, has become unprofitable and classified almost all its financial indicators. This is reported by The Moscow Times, according to UNN.
“Surgutneftegaz, the fourth largest oil company in Russia by production and the first largest by cash on hand, has decided not to publish the vast majority of its financial indicators. In the report according to Russian standards for the first half of the year, Surgutneftegaz filled in only 10 of 62 lines and left the rest blank, according to a document published by the company on August 5,” the newspaper writes.
In particular, the company did not disclose its revenue, cost of sales, selling and administrative expenses, or income from subsidiaries. The company's long-term and short-term loans, assets, cash reserves, and even authorized capital were classified as “secret.
“Surgutneftegaz reported only profit data: the company's net profit fell 6-fold over the six months to 139.9 billion rubles, while pre-tax profit amounted to 168.7 billion rubles, also down 6-fold. According to the reports, Surgutneftegaz suffered a loss of 129.9 billion rubles in the second quarter, but it is impossible to understand what factors influenced it from the figures presented,” the publication adds.
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