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Gazprom Neft’s NIS announces net profit for Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 12/05/2016 (17:31)
According to media reports, Serbia’s Naftna Industrija Srbije, the majority stake in which is owned by Russia’s Gazprom Neft PAO, has announced that it earned a profit in the first three months of this year as stronger refining volume and cost cuts helped offset the effect of low crude prices.

Consolidated net income came in at 261 million dinars ($2.4 million) compared with a 4.7 billion dinar loss in 2015 thanks to cost cuts of 1.3 billion dinars. Meanwhile, oil and gas production from the company fell by 5% to 377,000 tons of oil and gas equivalent in the first quarter while refining rose by 13% to 776,000 tons. Capital expenditures dropped to 4.6 billion dinars compared with 7 billion dinars a year earlier.
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