Austrian state controlled oil and gas company OMV has posted a 31% drop in first quarter net income against the same period last year, as it continues to adjust to the loss of income following its exit from Russia.

OMV registered a net profit of €592 million ($652 million) for the first quarter of 2023, down 30% from the €855 million profit reported in the same quarter last year.

However, the latest results showed a 24% increase in net profit of €144 million against the €448 million reported the fourth quarter of 2022.