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Gazprom Neft Q3 Up 47%

Gazprom Neft said third-quarter profit jumped 47 percent from a year earlier after crude oil prices rose, the oil producer said Tuesday on its web site.

Net income climbed to $1.27 billion from $865 million a year earlier as the price of Urals, the benchmark Russian export blend, jumped 48 percent in the period.

Gazprom Neft reported that its net foreign-exchange loss widened to $299 million from $32 million. Cash flow from operating activities rose 24 percent to $2.43 billion. Revenue gained 38 percent to $11.6 billion, and adjusted earnings before interest, income tax, depreciation and amortization jumped 37 percent to $2.76 billion from a year earlier.

(Bloomberg)

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