Gazprom Neft posts quarter net income of $1.48bn

Gazprom Neft's RAS net profit climbed 14% year-on-year to RUB 48.42bn (approx. USD 1.48bn) in January-June 2012, RIA Novosti reports citing the company statement.

Sales increased 10% year-on-year to RUB 433.92bn (approx. USD 13.30bn), cost of sales went up 16% to RUB 367.2bn (approx. USD 11.26bn), and pretax profit dropped 2% to RUB 52.47bn (approx. USD 1.61bn).

Long-term liabilities decreased 22.5% from January 1 to RUB 139.9bn (approx. USD 4.29bn) as of June 30, while short-term liabilities rose 9% to RUB 295.7bn (approx. USD 9.06bn).