Gazprom Neft reports Q1 2011 financial results

Gazprom Neft publishes today on its website (ir.gazprom-neft.ru) its consolidated financial results in accordance with US GAAP for the three months ended 31 March 2011.

Revenue in Q1 2011 increased by 35% to $9,865 mln. compared with Q1 2010 primarily due to higher oil prices and increased sales volumes.

Earnings before interest, income tax, depreciation and amortization (EBITDA)* for Q1 2011 were up 56% to $2,467 mln. compared with Q1 2010. EBITDA growth was driven by an increase in refining throughput as well as higher revenue from petroleum products sales in the domestic market. The rise in EBITDA was tempered by an increase in tariffs for natural resource monopolies and an increase in excise duties.

Net income in Q1 2011 increased by 91% to $1,437 mln. compared to Q1 2010, which includes unrealized gain from changes in fair value of foreign currency derivative contracts of $239 million.

Source www.gazprom-neft.ru

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