Gazprom Neft cuts Q2 US GAAP earnings 45% to $1.2 bln, above forecast
MOSCOW. Sept 9 (Interfax) - Gazprom Neft reduced its net profit to US GAAP 45% in the second quarter of 2009 to $1.2 billion, from $2.196 billion in the same period of last year, the oil producer said in a statement.
Earnings plummeted 57% year-on-year in the first half of 2009 to $1.534 billion.
The Q2 earnings are better than the 58% reduction to $925 million that analysts predicted in a consensus forecast. The analysts also said they thought Gazprom Neft would turn profit of $1.26 billion in the half, down 65% year-on-year.
Sales revenue fell 48% to $5.18 billion in the second quarter from $9.957 billion a year earlier. Revenue declined 47% to $9.365 billion in the first half of 2009.
Analysts had predicted sales revenue would fall 45.7% to $5.328 billion in the second quarter and 46% to $9.513 billion in the half.
EBITDA (earnings before interest, taxes, depreciation and amortization) contracted 53% to $1.501 billion in the second quarter from $3.204 billion a year earlier. EBITDA fell 55% to $2.459 billion in the half.
The forecast for EBITDA was $1.402 billion in the second quarter and $2.344 billion in the half.