In Q1, Bashneft’s net profit grew by 16.4%

Today Bashneft, which includes the oil company Bashneft and its subsidiaries, associates companies and joint ventures, reported its unaudited consolidated financial results for the first quarter of 2014, prepared in accordance with International Financial Reporting Standards.

In the first quarter of 2014m the group’s proceeds increased by 16.8% to 146,668 million rubles as compared with the first quarter of 2013. The proceeds growth is primarily connected with increased volumes of oil production and oil products output by 7% and 3.2%, respectively, increase in oil exports (by 24.2%) and petroleum products (by 21.8%) in countries outside the Customs Union, as well as increase of the U.S. dollar against the ruble by 14.8 % and growth in retail sales of oil products in the domestic market by 9.5%. The group’s revenue from sales in the first quarter of 2014 increased by 0.3 % as compared with the fourth quarter of 2013.