Rosneft, Russia's top oil producer, reported a 30 percent increase in first-quarter net profit to 56 billion roubles ($1 billion) on Friday, broadly in line with expectations. Analysts, polled by Reuters, expected net income at 58 billion roubles. The company said it had revised its 2014 first-quarter income down to 45 billion roubles, excluding its share of earnings at Yugragazpererabotka, a former joint venture with Sibur petrochemical firm.
The company had previously reported first-quarter 2014 net income of 88 billion roubles. Rosneft said its first quarter results were hit by a lower oil prices and changes in taxation, which saw an increase in the tax on mineral extraction. It valued losses from the new tax regime at 22 billion roubles in January-March. Rosneft said its net debt stood at $43.3 billion in the first quarter, down almost 5 percent year-on-year. Its shares were down 2.3 percent in afternoon trade, underperforming a 0.5 percent rise in Moscow's broader stock market. The Kremlin-controlled company had net debt of $43.8 billion at the end of last year, down from $57.4 billion at the end of 2013. This year, the company has to repay $23.5 billion.
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