Soaring sales boost Gazprom Neft profit by 64%

Russian oil producer Gazprom Neft has posted a 9M 2011 net income of $3.875 billion under US GAAP.

­The bottom line is up 64% on year from the 9M 2010, with a $2.366 billion profit to $3.875. 9M EBITDA rose 50% year on year to $7.704billion due to an increase in refining throughput (+10.8%), growth in premium channel sales and improved market conditions. The 9M revenues increased by 39% year on year to $32.908, compared to $23.709 billion posted for 9M 2010.   More Read