Serbian Oil Company NIS Reports 48% Drop in Third-Quarter Profit



Reuters

BELGRADE, Oct 27 (Reuters) – Serbian oil company NIS reported a 48 percent fall in nine-month net profit to 10.9 billion dinars ($100.24 million), hit by low oil prices and economic stagnation.

NIS, majority owned by Russia's Gazprom Neft, reported a 32 percent fall in earnings before interest, tax, depreciation and amortisation (EBIDTA) to 32.3 billion dinars, down from 47.3 billion dinars last year.

One of the biggest contributors to Serbia's budget, NIS operates two refineries and produces oil and gas totalling 1.7 million tonnes of oil equivalent per year from fields in Serbia, Angola and Bosnia.

Gazprom Neft owns 56.15 percent of NIS, with 29.88 percent owned by the Serbian government. Small shareholders own the rest.

NIS shares were down 0.8 percent at 637.7 dinars on Tuesday. ($1 = 108.7400 Serbian dinars)

(Reporting by Ivana Sekularac; Editing by David Goodman)



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