Gazprom Neft Q1 net profit soars 90% to $1.437 bln

Gazprom Neft, the oil arm of Russian gas giant Gazprom, saw first quarter 2011 net profit soar 90 percent to $1.437 billion to US GAAP, the company said on Thursday.

The profit increase is partly due to a $239 million unrealized gain from currency operations hedging, the company said in a statement.

Revenue rose 35 percent to $9.865 billion due to the high oil prices in the first quarter of 2011.

EBITDA rose 56 percent to $2.467 billion due to higher oil processing volumes and revenue from oil products sales.

MOSCOW, May 12 (RIA Novosti)

Leave a comment