Russian Rosneft's net income jumped to 81 billion Russian rubles ($1.31 billion) in the first quarter of 2018, more than seven times higher year-on-year thanks to higher oil prices in the market, the company said late Monday.
Rosneft said that it's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also increased by 15.6 percent in the first quarter of this year.
Commenting on the first quarter results, Rosneft Chairman and Chief Executive Officer, Igor Sechin, said the company demonstrated a significant improvement in the first quarter.
'Taking into account additional initiatives focused on shareholder value creation and also relatively favorable market conditions, we expect further reduction in liabilities and improvement in the shareholder returns,' Sechin said.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr