June 11, 2020 / 9:56 AM / a month ago

Russia's Transneft reports 13% rise in quarterly net income

FILE PHOTO: A general view of oil tanks in the Transneft – Kozmino Port near the far eastern town of Nakhodka, Russia November 15, 2017. REUTERS/Yuri Maltsev

MOSCOW (Reuters) - Russia’s oil pipeline monopoly Transneft (TRNF_p.MM) reported on Thursday a 13% increase in first-quarter net earnings year on year to 56.7 billion roubles ($822 million) due to higher sales.

Transneft’s revenues in January-March edged up 1.3% to 263.3 billion roubles.

The company also said it had paid 4.9 billion roubles ($71 million) to oil suppliers in the first quarter as compensation for oil contamination in April 2019.

Reporting by Maria Kiselyova; Writing by Vladimir Soldatkin; Editing by Edmund Blair

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