Higher crude oil and product prices have helped midsized Russian producer Alliance Oil almost double net profits in the first quarter this year. Net profits reported under International Financial Reporting Standards (IFRS) stood at $90 million, up from $45.5 million reported in the first quarter last year. Revenues jumped by 35% to $678.7 million while earnings before interest, taxes, depreciation and amortization (Ebitda) grew to $156.3 million compared with $100.7 million last year, which the company attributed to better netbacks.
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