7 Jun 2019 16:29

Tatneft boosted Q1 IFRS profit 43% to 60.2 bln rubles

MOSCOW. June 7 (Interfax) - Tatneft boosted net profit to International Financial Reporting Standards (IFRS) 43% year-on-year in Q1 2019 to 60.15 billion rubles, the oil company said in a report.

This was above the 54.79 billion rubles that analysts predicted in a consensus forecast for Interfax.

"Higher net revenues on non-banking activities in the current period, partly offset by an increase in taxes other than income taxes was the main factor behind an increase in our profit compared to the first quarter of 2018," the company said.

Revenue grew 1.2-fold year-on-year to 227.32 billion rubles. Revenue grew on higher sales of crude oil at higher prices and higher sales volume. It fell 3.4% compared with the previous quarter due to lower sales of petroleum products and petrochemical products.

EBITDA grew 43% year-on-year to 87.42 billion rubles and free cash flow rose 3.5-fold to 41.69 billion rubles.

Exports rose, accounting for 65% of crude oil sales in Q1 2019, compared with 59% in the same period last year.

In Q1 2019 the company delivered 76% of its own crude oil for export through Transneft's Druzhba pipeline, mainly to Poland, Slovakia and Germany, compared with 70% in Q4 2018 and 76% in Q1 2018; 5% (4% and 1%) of crude oil was shipped through Russian Black Sea ports, mainly Novorossiysk, and 19% (26%, 23%) of crude oil exported through Russian Baltic Sea ports, mainly Primorsk.

Petroleum products exports fell to 1.043 million tonnes in Q1 2019, from 1.72 million tonnes a year previously.