Argentina state-run oil company YPF YPFD.BA on Thursday reported a 27.7% climb in its first quarter net profit, reaching $341 million, as production and sales rose.

The firm’s revenues for the quarter jumped 12.7% to $4.24 billion, YPF said in a filing.

Argentina state-run oil company YPF YPFD.BA on Thursday reported a 27.7% climb in its first quarter net profit, reaching $341 million, as production and sales rose.

The firm’s revenues for the quarter jumped 12.7% to $4.24 billion, YPF said in a filing.

YPF’s earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter rose 5.3% to $1.12 billion.

YPF said its first-quarter total production increased 1% compared to the last January to March period, with crude oil production surging 7%.

In March, the company said it expects to double oil output and pump up natural gas by 30% in the next five years.
Source: Reuters (Reporting by Valentine Hilaire and Aida Pelaez Fernandez; Writing by Carolina Pulice; Editing by Sarah Morland)