BELGRADE, April 22 Serbian oil company NIS
, majority owned by Gazprom Neft, reported
an 18 percent rise in net profit in the first quarter of 2014 on
higher sales and improved production efficiency.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) rose to 15.5 billion dinars from 8.3 billion in the
same period last year, NIS said in a statement on Tuesday. Net
profit reached 8.6 billion dinars compared with 7.3 billion in
the first quarter of 2013.
NIS is Serbia's second largest exporter and a major
contributor to the Balkan country's budget.
NIS produces around 1.6 million tonnes of oil equivalent
(mtoe) from fields in Serbia and is engaged in oil exploration
in neighbouring Bosnia, Hungary and Romania.
(Reporting by Ivana Sekularac. Editing by Jane Merriman)