Bashneft said Tuesday that first-quarter net profit rose 20 percent to $444 million, on revenue up 12.5 percent to $3.92 billion.
EBITDA was up 17 percent to $824 million, helped by the company's reduction of reserve funds set aside for possible future court expenses, leading to a gain of $75 million at the EBITDA level.
Net debt fell 13 percent to $2.35 billion year on year and was 23 percent higher than in the fourth quarter of 2011. EBITDA was flat quarter on quarter.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
