Rosneft IFRS net profit rises 60% to 131 bln rbl in Jan–Mar

MOSCOW, May 13 (PRIME) -- The net profit of Russian oil major Rosneft attributable to the shareholders grew 60% on the year and 20.2% on the quarter to 131 billion rubles in January–March, as calculated under International Financial Reporting Standards (IFRS), the company said in a report Monday.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 40% on the year and 12.3% on the quarter to 548 billion rubles.

“Despite the volatility and quarterly decrease in oil prices, the decline in oil production under the OPEC+ agreement and the agreement on stabilization of prices for petroleum products on the domestic market, in January–March 2019 the company demonstrated healthy financial performance in terms of both earnings growth and strong free cash flow generation. This was driven by management efforts in terms of efficient control over the costs and effective investment projects selection,” CEO Igor Sechin said, as cited in the report.

For further details, please, see the company’s statement on its official website:

https://www.rosneft.com/press/releases/item/194937/

(65.2287 rubles – U.S. $1)

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