November 8, 2012 / 9:02 AM / in 5 years

UPDATE 1-Russia's Gazprom Neft Q3 net profit beats forecasts

* Gazprom Neft’s shares rising amid fall in the broader market

* Profit up boosted by production, prices rise (Adds detail, shares)

MOSCOW, Nov 7 (Reuters) - Gazprom Neft, Russia’s No. 5 oil producer, said on Thursday its third-quarter net profit jumped 84 percent, quarter-on-quarter, to 55.95 billion roubles ($1.78 billion), beating analysts’ expectations as oil prices and output rose.

The results, which followed strong performances by its local peers, compared to the net income of 52.2 billion roubles forecast by analysts polled by Reuters.

As of 0900 GMT, Gazprom Neft’s Moscow-traded shares were trading up 1.4 percent, outperforming the 0.4 percent fall in the broader market.

Gazprom Neft, along with other Russian companies, is switching to International Financial Reporting Standards (IFRS) from U.S. Generally Accepted Accounting Principles (GAAP) this year, to report in roubles.

Gazprom Neft has a high exposure to downstream sector and a 1.3 percent increase in refining throughput to 11.32 million tonnes in the third quarter also supported the bottom line, while export duty on oil and refining products fell more than 17 percent, quarter-on-quarter.

Other Russian oil firms Rosneft and TNK-BP have reported strong results recently, also benefiting from lower taxes.

Gazprom Neft, the oil arm of Gazprom, also said its July-September 2012 revenues increased by 10.6 percent to 333.14 billion roubles on the back of a 2.1 percent increase in the Urals price.

It added that its earnings before interest, tax, depreciation and amortisation (EBITDA) rose 36.5 percent to 95.6 billion roubles.

$1 = 31.5125 Russian roubles Reporting by Vladimir Soldatkin; Editing by Katya Golubkova and Jon Boyle

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