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Russia's state-controlled crude producer Rosneft [RTS: ROSN] said on Monday
Russia's state-controlled crude producer Rosneft [RTS: ROSN] said on Monday its US GAAP net income increased 600% year-on-year in the first quarter of 2008 to $2.56 billion.

Revenue in the reporting period grew 99.1% to $16.4 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) increased 225.3% to $4.7 billion.

"The strong increase in key financial indicators resulted from continued industry-leading oil production growth (23.9%, including 6.3% organic growth), improved vertical integration following the acquisition of refineries in 2007, excellent cost control, and higher prices of oil, petroleum products and gas," Rosneft said in a statement.

Average daily crude output (including production by subsidiaries and shares in production of affiliates) increased 23.9% year-on-year in January-March 2008 to 2.125 million barrels per day, compared with 1.715 million barrels in the first quarter of 2007, Rosneft said.


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