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

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


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)


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