Petroleum Industry of Serbia NIS (NIIS)

NIS (NIIS) reported RSD 7.7bn in 9M 2016 consolidated net profit, down 29.4% y/y, on lower EBITDA, which was down 30% y/y, to RSD 22.5bn, on lower oil prices. On a quarterly basis this gives RSD 4.5bn net profit, down 23.7% y/y, on lower sales and lowered EBITDA. The result from the first half of the year, when the net profit was RSD 3.1bn (due to poor 1Q), was actually improved. The positive results achieved are largely attributed to the implementation of the operational efficiency improvement ...