Bashneft, one of Russia’s top oil producers, saw 2012 first quarter net profit increase 14.7 percent quarter-on-quarter to $444 million to IFRS, the firm said in a statement on Tuesday.
Bashneft’s first quarter net profit was above a consensus forecast of analysts polled by RIA Novosti of $381.8 million, with first quarter EBITDA staying at $824 million and despite revenue falling 3.9 percent quarter on quarter to $3.923 billion.
The company’s oil production slipped 0.2 percent in January-March 2012 to 3.840 million tons compared with the fourth quarter of 2011, while oil refining dropped four percent to 5.120 million tons. The oil firm also slashed its capital expenditures 36.7 percent in the reporting period to $162 million.
Bashneft will publish the full unaudited financial results for the first three months of 2012 on June 6, the company also said in the statement.