Gazprom Neft IFRS net profits up 24% at 56 bln rubles for Q3
MOSCOW. Nov 8 (Interfax) - Gazprom Neft has reported third-quarter net profits to International Financial Reporting Standards (IFRS) of 55.951 billion rubles, up 24% year-on-year.
Analysts with eleven investment companies and banks surveyed by Interfax had predicted net profits for the company of 51 billion rubles.
Q3 sales revenues were up 23% at 333.138 billion rubles, lower than forecast, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 15% to 95.597 billion rubles (forecast - 73 billion rubles).
Rising oil and oil-product prices, increased extraction and processing, and sales of premium fuels helped the company improve its Q1-Q3 financial results year-on-year, the company reported.
Company net profits for Q1-Q3 amounted to 134.677 billion rubles, up 8.8% year-on-year. Sales revenues were up 20.4% at 912.32 billion rubles and EBITDA 10% at 244.894 billion rubles.
A 21% increase in capital expenditures to 106.013 billion rubles was associated with the start of active development at deposits in Orenburg Region, as well as the conduct of a large-scale program for overhauling company oil refineries in Russia and Serbia.
