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Transneft's Q1 net profit up with higher revenue

Russia's Public Joint Stock Company Transneft on May 31 reported profit attributable to shareholders of the company amounting to 50.08 billion Russian rubles for the first quarter, topping 47.03 billion rubles a year ago.

Revenue reached 260.10 billion rubles, up from 225.24 billion rubles in the prior year, driven by crude oil transportation services with 167.52 billion rubles, topping 157.50 billion rubles a year ago.

Crude oil sales also brought in 49.95 billion rubles, topping 41.76 billion a year ago.

Operating profit totaled 74.20 billion rubles, up from 63.72 billion rubles in the prior year.

As of May 30, US$1 was equivalent to 65.12 Russian rubles.