Gazprom Neft, the oil producing arm of Russian energy giant Gazprom, said on Wednesday its U.S. GAAP net profit decreased 56.5% year-on-year in January-June 2009 to $1.56 billion, RIA Novosti reports.
Revenues in the reporting period fell almost 50% to $9.37 billion and profit from operations declined 65% to $1.4 billion, the company said in a statement.
Net profit attributable to Gazprom Neft shareholders for the first six months of the year totaled $1.53 billion, the statement said.
Gazprom Neft's net profit declined 45%, year-on-year, in April-June 2009, while revenues in the second quarter of the year fell 47.7% to $5.2 billion, the statement said.
Gazprom Neft, formerly known as Sibneft, is a subsidiary of energy giant Gazprom, which holds 95.68% of its shares.
Gazprom Neft is Russia's fifth largest oil producer in terms of crude oil output. In 2008, the company produced 30.8 million metric tons (225.8 million barrels) of crude oil (a decline of 5.8% on the previous year) and refined 28.4 metric tons (208 million barrels), representing an increase of 8.4% on last year's figure.
Gazprom Neft's U.S. GAAP net profit increased 12% in 2008, year-on-year, to $4.658 billion.