Russian energy giant Rosneft ROSN.MM on Friday reported a six-fold jump in net income last year to a record 883 billion roubles ($11.7 billion) as demand recovered from pandemic-hit levels the previous year.

This was still below forecasts of more than 1 trillion roubles from some analysts. Rosneft shares were down 0.5% to 566.65 roubles in early trade in Moscow.

Rosneft, in which BP BP.L owns a 19.75% stake, said net income had recovered after an 80% fall in 2020.

It revised its 2020 tally to 132 billion roubles from an initially reported 147 billion.

The company, which accounts for around 40% of Russia’s oil production, said its average oil and gas condensate output rose by 2.3% to 3.91 million barrels per day last year.
Source: Reuters (Reporting by Vladimir Soldatkin, Olesya Astakhova and Maria Kiselyova; editing by David Goodman and Jason Neely)