(MENAFN- AFP) A fast-depreciating ruble and stalled crude production rates led Russia's state-held oil giant Rosneft to post a 14 percent slump in profits for the first quarter of 2014.
The world's largest publicly traded oil producer reported a net income of 88 billion rubles ($2.5 billion, 1.8 billion euros) and a meagre 0.5 percent rise in oil and liquids production rates.
Rosneft said its foreign exchange losses amounted to 84 billion rubles ($2.4 billion) -- slightly better than the $2.9 billion forecasted by Moscow's VTB Capital investment bank.
VTB Capital noted that the Russian currency had lost 15 percent of its value against the dollar in the three-month reporting period due to massive foreign capital outflows linked to fears over the escalating crisis in neighbouring Ukraine.
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