Ukrnafta improves bottom line 35% yoy in 1Q14

Leading Ukrainian oil producer and retailer Ukrnafta (UNAF UK) reported a 9% yoy increase in its 1Q14 revenue to UAH 5.12 bln, fuelled mostly by a 30% yoy increase in revenue in its oil products segment. At the same time, the company’s sales of  crude oil decreased 7% yoy to UAH 2.55 bln, even though supplies of oil increased 7% yoy to 481 kt. Ukrnafta’s operating profit increased 17% yoy to UAH 550 mln, and its net income jumped 35% yoy to UAH 452 mln.