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. Last Updated: 07/27/2016

Sibneft Sees RAS Earnings Triple

Sibneft tripled first-quarter net profit from the fourth quarter on higher oil prices and undisclosed extraordinary items, the Gazprom-owned unit said Wednesday.

The firm said profits under Russian accounting standards rose to 11.60 billion rubles ($425 million) from 3.76 billion rubles the previous quarter and 7.52 billion rubles a year earlier.

Gazprom-controlled Sibneft has yet to pay a dividend for 2005 and Gazprom officials have said they would recommend Sibneft channel up to 50 percent of its unconsolidated annual income under RAS standards into a dividend. In April, Sibneft reported preliminary 2005 net income under RAS at 42.5 billion rubles, down 6.7 percent.

A 50-percent payout would result in 4.5 rubles per share or a 3.3-percent dividend yield, according to Alfa Bank.