Gazprom Neft posts 1H 2011 net profit of $2.604 billion

Gazprom Neft posts 1H 2011 net income of $2.604 billion

Russian oil producer, Gazprom Neft, has posted a 1H 2011 net income of $2.604 billion under US GAAP.The net result is up 74% year on year, with 1H 2011 Adjusted EBITDA rising 58% year on year to $4.945 billion as 1H 2011 revenues rose 39% year on year to $21.341 billion.The 1H figures showed a 2Q net income of $1.167 billion, up 56% year on year, with 2Q Adjusted EBITDA rising 59% year on year to $2.478 billion, as 2Q Revenues climbed 43% year on year to $11.476 billion.The company says the net result was primarily driven increased sales volumes and higher crude and petroleum prices, on the back of an improving market, with increased refinery output and product mix optimization improving margins.