November 18, 2019 / 8:43 AM / 23 days ago

Russia's Gazprom Neft says third quarter net profit down 2% q/q on cheaper oil

FILE PHOTO: A board with the logo of Gazprom Neft oil company is on display at a fuel station in Moscow, Russia, May 30, 2016. REUTERS/Maxim Zmeyev

MOSCOW (Reuters) - Gazprom Neft, the oil arm of Russian gas giant Gazprom (GAZP.MM), said on Monday its third-quarter net profit fell by 2.1% on the quarter to 104.9 billion roubles ($1.64 billion) due to a decline in oil prices.

Revenue for the period reached 656.8 billion roubles, up 4.5% from the previous three months, thanks to higher oil product sales, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell 1.4% to 207.5 billion roubles.

Reporting by Vladimir Soldatkin and Olesya Astakhova, editing by Louise Heavens

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