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33

Gazprom Neft posts $2.366 bln first nine months income

Russian oil producer Gazprom Neft posted a net income of $2.366 billion to U.S. GAAP for the first nine months of 2010, up 24 percent year-on-year

The firm's nine month EBITDA rose 21 percent year on year to $5.147 billion, on the back of a 43 percent year on year increase in nine-month revenues to $23.709 billion.

The figures included a third quarter net income of $865 million, up 16 percent quarter on quarter, with third quarter EBITDA up 30 percent quarter on quarter to $2.011 billion, as third quarter revenues rose 5% quarter on quarter to $8.387 billion.

Gazprom Neft said third quarter revenues rose on the back of increased sales volumes with nine month revenues reflecting increased crude prices and the NIS and Sibur Energy acquisitions in 2009. This was buttressed by increased refining and petroleum products sales, and an improved sales mix.

Source : RIA Novosti