Russian-British oil firm TNK-BP says profits soar

Russian-British oil firm TNK-BP said on Tuesday its first-quarter net profit soared 71 percent from the equivalent figure last year to 1.27 billion dollars (950 million euros), reflecting a wider pick-up in the economy.

Sales jumped 62 percent to 10.24 billion dollars, the company said.

“The company achieved these high results due to a favourable and more stable market compared with the same period last year,” finance director Jonathan Muir said in a statement.

The company said that output increased for a tenth quarter running, with oil and gas production rising 4.1 percent in the first three months of the year.

TNK-BP is the third-biggest oil company in Russia and accounts for about 25 percent of British energy giant BP’s global output.