Earnings before interest, income tax, depreciation and amortization (EBITDA) in Q1 2008 amounted to $1.92 billion, and increased by 84% and 15% in comparison with Q1 2007 and Q4 2007 EBITDA, respectively.
Revenues in Q1 2008 increased by 90% to $7.86 billion compared to $4.14 billion in Q1 2007. Revenues increased by 22.5% when compared to $6.42 billion in Q4 2007.
The increase in net income and EBITDA was due to an increase in oil prices, an increase in oil and derivatives distribution volumes both in the domestic market and for exports, and high refining margins.
Alexander Dyukov, Gazprom Neft’s chairman, said: Gazprom Neft’s Q1 2008 financial results fall in line with our expectations and allow us to look confidently into the future. We hope to maintain positive dynamics and increase our financial abilities to bring to life the company’s strategic targets.
