Gazprom Neft 2Q Net Profit Up 26% Yr/Yr



Gazprom Neft 2Q Net Profit Up 26% Yr/Yr

Reuters

MOSCOW, Aug 6 (Reuters) - Russia's fourth-largest oil producer Gazprom Neft on Tuesday reported a forecast-beating 26 percent year-on-year rise in quarterly net profit due to a lower forex loss.

The oil arm of Russian state gas export monopoly Gazprom made a second-quarter net profit of 38.1 billion roubles ($1.2 billion), while analysts, polled by Reuters, had expected 36.2 billion roubles, up 19 percent.

The higher results came as the company recorded a lower forex-related loss, of 1.3 billion roubles, compared to a loss of 5.2 billion roubles in the same year-earlier period.

For the same period, Rosneft, Russia's top crude oil company, posted a net profit of 35 billion roubles.

As of 0830 GMT, Moscow-traded shares in Gazprom Neft stayed unchanged, outperforming the broader market which declined 0.8 percent.

Gazprom Neft said its revenues stood at 298.8 billion roubles in April-June of 2013, down 1 percent year-on-year, while earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 9 percent to 68.526 billion roubles, in line with forecast.

($1 = 32.9055 Russian roubles)

(Reporting by Vladimir Soldatkin; Editing by Maria Kiselyova)



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

RELATED COMPANIES