Rosneft Q1 2011 net income up nearly 60% to $3.9 bn: company

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Russia's largest oil company Rosneft on Thursday handily beat analysts' expectations by reporting a 58.2 percent rise in its first quarter profits largely thanks to stronger energy prices.

The state-held giant reported January-March net income of $3.942 billion and a jump in EBIDTA earnings -- a pre-deductions indicator closely watched by analysts and investors -- of 49.7 percent to $6.653 billion.

"The increase was due to higher crude oil and petroleum product prices as well as due to the growth in sales volumes of 4.9 percent," the company said in a statement.

Both figures easily beat market expectations.

The Metropol investment bank had predicted Rosneft's net income to rise 26 percent and the EBIDTA figure to come in 21 percent up.

© 2011 AFP

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