NIS Reports 30% Fall in Q1 Net Profit

Serbian oil company NIS , majority owned by Russia's Gazprom Neft (SIBN.ME), on Friday reported a 30 percent drop in net profit for the first quarter of 2018.

Net profit declined to 3.7 billion dinars ($37.9 million) from 5.4 billion a year earlier, the company said in a statement, giving no explanation for the fall.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 8.9 billion dinars from 11.1 billion a year earlier.

One of the biggest contributors to Serbia's budget, NIS operates two refineries and produces 1.7 million tonnes of oil and gas equivalent per year.

It operates fields in Serbia, Angola and Bosnia.

NIS shares traded at 725 dinars on Friday, up slightly from Thursday's close at 723.

Gazprom Neft owns 56.15 percent of NIS. The Serbian government holds 29.88 percent and small shareholders own the rest.


($1 = 97.5400 Serbian dinars)

(Reporting by Ivana Sekularac; Editing by Dale Hudson)