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RPT-Russia's Gazprom Neft Q1 net falls, beats fcast

Reuters - Thursday, June 18

MOSCOW, June 18 - Russian oil firm Gazprom Neft <SIBN.MM>, the oil arm of gas export monopoly Gazprom <GAZP.MM>, said on Thursday its net profit fell 76 percent in the first quarter, but the results were slightly above consensus forecasts.

The firm said in a statement its net profit calculated to U.S. GAAP standards fell to $335 million in the first three months of 2009 compared to $300 million in a Reuters poll. [ID:nLG530344]

The company managed to recover from a net loss of $0.543 billion in final quarter of 2008 due to higher oil prices, lower tax bill and rouble devaluation.

Revenues fell by 48 percent to $4.185 billion compared to the same period a year ago, while earnings before interest, taxation, depreciation and amortisation declined by 53 percent to $942 million.

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