Gazprom Neft’s NIS Reports First-Quarter Profit on Cost Cuts
- NIS three-month consolidated net income 261 million dinars
- Ebitda falls 48 percent on low global oil prices, sales down
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Naftna Industrija Srbije, majority owned by Russia’s Gazprom Neft PAO, extended profits in the first quarter as increased refining volume and cost cuts helped offset the low prices of crude.
January-March consolidated net income was 261 million dinars ($2.4 million), compared with 4.7 billion dinar loss a year ago, as cost savings of 1.3 billion dinars helped avoid a loss, the Novi Sad, Serbia-based company said in an e-mailed statement on Wednesday. Earnings before interest, taxes, depreciation and amortization fell 48 percent to 3.8 billion dinars on cheap fuel and sales dropped 24 percent to 35.2 billion dinars, it said.