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Russia’s Gazprom Neft swings to Q1 profit of $1.1 bln

Gazprom Neft SIBN.MM, the oil arm of Russian gas giant Gazprom GAZP.MM, said on Tuesday its first-quarter net income reached 84.2 billion roubles ($1.1 billion) after a year-ago loss of 13.8 billion roubles thanks to stronger oil prices.

Revenue grew by 18.7% year on year to 611 billion roubles, while adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) rose by 95.3% to 194 billion roubles.
Source: Reuters (Reporting by Maxim Rodionov, Anton Kolodyazhnyy and Vladimir Soldatkin, editing by Louise Heavens)

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