By Anthony O. Goriainoff
Gazprom Neft said Friday that net profit for the second quarter rose as revenue increased and that it will continue to focus on increasing its hydrocarbon production in the second half.
The Russian energy company posted a net profit of 133.08 billion Russian rubles ($1.79 billion) compared with RUB22.04 billion for the second quarter of 2020. Net profit for the first half was RUB217.2 billion compared with RUB8.23 billion the year before.
Adjusted earnings before interest, taxes, depreciation and amortization--a metric which strips out exceptional and other one-off items--for the quarter rose to RUB241.05 billion from RUB82.87 billion in the year-ago period.
Revenue in the quarter rose to RUB726.78 billion, compared with RUB398.27 billion in the year-prior period. For the first half, the company reported revenue of RUB1.338 trillion, a 47% increase on the year before.
The company said that it continues to execute its refinery modernization program and that its investments are geared toward increasing the production of gasoline, aviation fuels and diesel to meet the needs of Russia's domestic market.
"Throughout the second half of 2021, the company will focus on increasing hydrocarbon production in response to new market opportunities, efficiency improvements across all processes and further technological development," Chief Executive Alexander Dyukov said.
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(END) Dow Jones Newswires
August 20, 2021 09:53 ET (13:53 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.