Higher crude oil and product prices helped mid-sized Russian producer Alliance Oil to almost double net profits in the first quarter of 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 earn- ings before interest, taxes, depreciation and amortization (Ebitda) grew to $156.3 million from $100.7 million, which the company attributed to better netbacks and firmer product demand.
展开▼
