The Moscow-based behemoth saw net income rise sevenfold to $1.4 billion from $200 million in the previous quarter as revenue increased more than 32% to $19.2 billion in the latest three-month period.

However, the quarterly profits figure was still down from around $2.1 billion a year earlier.

Its earnings before interest, tax, depreciation and amortisation were up more than 43% at $5.3