Russian oil firm Surgut's Q2 profit net plunges from Q1

MOSCOW, July 30 (Reuters) - Surgut (SNGS.MM), Russia's fourth-largest oil company, saw net profit fall 88 percent in the second quarter from the first to 8.472 billion roubles ($276.5 million), the company reported on Thursday.

In the first quarter net profit almost tripled from the fourth quarter to 68.79 billion roubles under Russian Accounting Standards (RAS).

Year-on-year, net profit rose 6.3 percent in the first half of 2009 to 77.262 billion roubles.

The company did not give the reason for lower profits in the second quarter when oil prices were stronger than in the first quarter but the rouble strengthened versus the dollar.

Unlike many other Russian oil firms Surgut does not report to international accounting standards. It is also free of debt and analysts have estimated it had a cash pile of $18.8 billion as of March 31. [ID:nLF384550] ($1=30.64 roubles) (Reporting by Moscow Newsroom; Editing by Greg Mahlich)