MOSCOW, June 18 (RIA Novosti) - Russian state-controlled oil giant Rosneft [RTS: ROSN] said Monday its U.S. GAAP net profit fell 24.9% year-on-year in January-March 2007 to $602 million.
"The decline in net profit was due to a rise in [oil] export duty and the real ruble's appreciation," the company said.
Rosneft's revenues in the reporting period increased 12.2% to $8.22 billion.
"The increase in revenue is primarily due to increased sales volumes of crude oil, natural and associated gas and refined products," Rosneft said.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 9.3% in the reporting period to $1.74 billion.
The company's capital expenditure in the Vankor oil and gas field in Eastern Siberia totaled $276 million in the first quarter, Rosneft said.
The oil giant earlier said it intended to invest about 38 billion rubles (about $1.5 billion) in the Vankor field in 2007, and start oil production at the deposit as soon as 2008.
Vankor crude is intended to be pumped to the Eastern Siberia-Pacific Ocean pipeline, an ambitious multibillion-dollar project to send Russian hydrocarbons to energy-hungry countries of the Asia-Pacific region. The pipeline is set to come on stream in 2008.
Rosneft's oil output expanded 8.7% year-on-year in the first quarter of 2007 to 147.92 million barrels, the company said.
This growth is largely attributable to increased production at Yuganskneftegaz, the former core production unit of bankrupt oil firm Yukos, and increased output at the Sakhalin-1 project off Russia's Pacific Coast, in which Rosneft holds a 20% stake, the statement said.
