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Gazprom Neft’s NIS Has First Loss Since 2010 on Crude, Dollar

Naftna Industrija Srbije, the Serbian refiner controlled by OAO Gazprom’s oil unit, reported its first quarterly loss in almost five years due to the drop in oil prices and the strength of the U.S. dollar.

A negative currency effect of more than 7 billion dinars ($65 million) was the biggest contributor to the first-quarter net loss of 4.7 billion dinars, compared with a 8.6 billion-dinar net income in the same period of 2014, the company said in an e-mailed statement. Earnings before interest, taxes, depreciation and amortization fell 53 percent to 7.2 billion dinars, even as physical trade volume rose 6 percent to 680,000 metric tons.