Tuesday, May 25, 2010

Gazprom Neft's Profit More Than Doubles


MOSCOW—Russia's fifth biggest oil producer by volume, OAO Gazprom Neft, said Tuesday its first-quarter net profit more than doubled, helped by stronger oil prices.

The company, in which Russian state-controlled gas firm OAO Gazprom owns a 96% stake, said its first-quarter net profit stood at $727 million compared to $335 million a year earlier, when the net profit was affected by a major one-time foreign exchange loss. Revenue jumped 72% to $7.3 billion from $4.24 billion in the first quarter of 2009.

"We will continue to focus on cost reductions, which have already started to yield planned results," Gazprom Neft Chief Executive Alexander Dyukov said.

Earnings before interest, taxation, depreciation and amortization, or Ebitda, rose 66% to $1.59 billion from $957 million in the first quarter last year.

Write to Alexander Kolyandr at Alexander.Kolyandr@dowjones.com

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