Alliance Oil net profit rises 90% in Q1 to $90 mln, beating forecast

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Alliance Oil net profit rises 90% in Q1 to $90 mln, beating forecast

MOSCOW. May 19 (Interfax) - Alliance Oil posted a net profit of $90 million in the first quarter of 2011 under International Financial Reporting Standards (IFRS), which is 90% higher than the profit in the same period last year, the company said in a statement.

Analysts at nine investment companies and banks told Interfax the net profit would equal $84 million.

Revenue increased 35% to $678.7 million. The consensus forecast was for revenue totaling $684 million. EBITDA rose 55% to $156.3 million compared with the consensus forecast of $152 million.

Alliance Oil was formed through the merger of Alliance and West Siberian Resources. The main shareholders are the Alliance Group - 53.7%, SIX SIS AG - 5.1%, and Spanish Repsol - 3.4%.