Russia's fifth-largest oil firm, Gazprom Neft, said Tuesday net profits grew by 21% year-on-year in the first quarter thanks to higher oil prices, increased production and stronger sales of oil products through premium channels. Reporting to International Financial Reporting Standards (IFRS) -- and in rubles -- for the first time, Gazprom Neft said net income stood at 48.37 billion rubles ($1.55 billion) for the first three months of 2012, compared with 39.99 billion rubles a year earlier (IOD May13'11). Revenues were up by 19.8% to 277.98 billion rubles, while adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) climbed by 10.6% to 79.26 billion rubles.
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