(MENAFN) Russia's top oil refiner Roseneft announced logging a 30-percent increase in its first-quarter net profit to reach USD1 billion, in line with expectations, Arab News reported.
Analysts had expected the oil giant to make a net income of USD1.05 billion. The firm said it had revised down its 2014 income to USD818.43 million, excluding its shares of earnings at Yugragazpererabotka.
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 its quarterly losses from the new tax regime at USD400.12 million.
Rosneft also said its January-March revenues were USD23.42 billion, down 6 percent, while earnings before interest, taxes, depreciation and amortization (EBITDA) were USD4.81 billion, down 8 percent.
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