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. Last Updated: 07/27/2016

Surgut Results Good, Match Forecasts

The nation’s third largest oil company, Surgutneftegaz, said Tuesday it had more than tripled its pretax profit for the first half of the year compared with the same period last year.

It said in a statement that pretax profit in the first six months soared to 47.90 billion rubles ($1.73 billion) from 12.73 billion rubles last year.

Dmitry Avdeyev, an oil analyst at United Financial Group, said the results were expected and the market had already considered such figures.

"They [Surgutneftegaz] have fully lived up to our expectations. The company keeps showing results that correspond to investors’ expectations, and this is very good," Avdeyev said.

Higher world oil prices have helped Russian oil exporters across the board. But Avdeyev praised Surgutneftegaz management, which this spring carried out a complicated consolidation of subsidiaries, for being predictable. "It means the management acts the way the market expects," he said. "They do their business consistently and openly."