Russia's largest oil firm YUKOS reported a 55 percent gain in third-quarter earnings year-on-year on Friday, but booming output failed to excite investors concerned about official pressure on the company.
An increase in output and high international oil prices helped boost net profit to GAAP to $1.32 billion from $850 million in the same quarter of 2002 and $950 million in the previous quarter.
The figure came eight percent below a Reuters consensus forecast of $1.43 billion, based on the estimates of eight brokerages and banks.
At 1220 GMT, the firm's shares recovered from an initial fall to stand unchanged at $10.20 on Moscow's RTS exchange.
The broader RTS Index was down 0.90 percent.
"It (the results report) shows that, as of the third quarter, the company is being run very well," said Paul Collison, an analyst at Brunswick UBS. "The problem is that for equity investors it's probably not going to matter as they are so focused on political concerns".