Transneft Retreats for Third Day as First-Quarter Profit Falls

OAO Transneft, Russia’s oil-pipeline operator, fell for the third straight day as first-quarter profit dropped 31 percent.

Transneft’s preferred shares retreated 1 percent to 45,236 rubles by 4:32 p.m. in Moscow, after declining as much as 2.1 percent earlier. Russia’s 30-stock Micex Index rose 0.3 percent to 1,378.65.

First-quarter net income fell to 58.7 billion rubles, the company said in a statement today.

-- Editors: Ash Kumar, Alex Nicholson

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