MOSCOW, October 3 (RIA Novosti) - Gazprom Neft [RTS: SIBN] said Tuesday its U.S. GAAP consolidated net profit increased 26% year-on-year in January-June to $1.8 billion.
The oil company, formerly known as Sibneft before being taken over by Russian energy giant Gazprom [RTS: GAZP] last year and renamed in May, said its earnings had grown by 77% to $10.1 billion and earnings before interest, taxes, depreciation and amortization (EBITDA) by 35% to $2.6 billion.
"The consolidated financial statements for the first half of 2006 represent the company's performance under the current management and shareholders, said Alexander Ryazanov, Gazprom Neft president. "We outstripped the business plan in the first half by a long way and we are planning to improve our financial and production results every year."
Gazprom bought a 72.66% stake in the former Sibneft from Roman Abramovich's investment company, Millhouse Capital, last September for $13.1 billion. Combined with 3.016% of the company's shares Gazprom had earlier purchased from Gazprombank, it currently owns 75.679% of Gazprom Neft.
