"ВТБ Капитал": Gazprom Neft: 2Q11 Results Preview // ДЕРЖАТЬ
2 августа 2011 года
Solid results. Gazprom Neft is due to publish its 2Q11 US GAAP results on 3 August. We expect to see a 13% QoQ increase in revenues to USD 11,2bn, while for EBITDA and net income we expect moderate decreases of 1% QoQ (to $2,2bn) and 19% QoQ (to $1,2bn), respectively.
Results are in line with the overall trend. In total, we see the same trend that was shown by companies that have already reported. There was a predictable increase in export duty rates for crude oil, in addition to a lower EBITDA and bottom line, but the results are still strong.
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