Serbian Oil Company NIS Net Profit Up 2.5% in 2013

Reuters

BELGRADE, Feb 18 (Reuters) – Serbian oil company NIS, majority owned by Gazprom Neft, reported a 2.5 percent rise in net profit in 2013, citing the stability of the dinar currency and higher consumption of oil derivatives that offset low margins.

Earnings before interest, tax, depreciation and amortisation (EBIDTA) rose to 68.8 billion dinars from 65.6 in 2012, NIS chief executive Kirill Kravchenko said on Tuesday. Net profit reached 48.4 billion dinars (417 million euros).

NIS is Serbia's second largest exporter and a major contributor to the Balkan country's budget.

NIS produces around 1.6 million tonnes of oil equivalent (mtoe) from fields in Serbia and is engaged in oil exploration in neighbouring Bosnia, Hungary and Romania.

(1 EUR = 115.85 RSD)

(Reporting by Ivana Sekularac; Editing by Matt Robinson)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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