BELGRADE Oct 27 Serbian oil firm NIS reported
an unconsolidated and unaudited net profit of 27.1 billion
dinars ($380.3 million) in the first nine months of 2011,
outstripping its 16.5 billion dinar full-year net profit in
NIS, majority-owned by Russia's Gazprom Neft ,
said earnings before interest, taxes, depreciation and
amortisation (EBITDA) reached 32.2 billion dinars -- 88 percent
more than in the first three quarters of 2010.
"A stronger exchange rate of the dinar to the euro and the
dollar, higher business efficiency and an increase in domestic
production of oil and gas were the key contributors to the
increase in profits," it said in an email statement to Reuters.
The company said its total debt to banks fell to $506
million, or $105 million down from Jan. 1.
NIS had said earlier it aimed to triple crude output and
almost double sales by 2020 in its drive to become the regional
market leader. .
In 2010 the company posted a profit of $220 million after a
loss a year earlier.
On Thursday NIS shares were trading up 0.5 percent at 655
dinars, data on the Belgrade Stock Exchange (BELEX) showed.
Under a 2009 energy pact between Russia and Serbia, Gazprom
Neft, the oil arm of export monopoly Gazprom , paid 400
million euros ($553 million) for a 51 percent stake in NIS and
raised its holding to 56.15 percent in March for another 40.3
NIS had said it planned to invest $740 million to complete
the overhaul of its two refineries in 2012, which would enable
it to match the quality of fuels produced in the European Union.
($1 = 0.724 Euros)
(Reporting By Aleksandar Vasovic; Editing by David Holmes)