Rosneft beats expectations and crude prices to boost profits

Moscow: Cost-cutting helped Russian oil company Rosneft beat both low crude prices and analyst expectations to post Wednesday sharply higher third quarter earnings.

Adjusted net profit of the government-controlled company rose to 113 billion roubles (Dh6.31 billion, $1.8 billion) in July through September, beating expectations of analysts surveyed by Russian Interfax news agency. It had posted a loss of a billion roubles during the same period last year as global oil prices plunged and the West slapped sanctions on Moscow and top Russian companies over the Ukranian crisis