Rosneft First-Quarter Profit Falls 14% After TNK-BP Takeover
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OAO Rosneft, which acquired oil venture TNK-BP for $55 billion this year, said first-quarter profit declined about 14 percent after taxes and financing expenses rose.
Net income attributable to shareholders dropped to 101 billion rubles ($3.2 billion) from 117 billion rubles in the first three months of last year, the Moscow-based company said today in a statement. Rosneft included TNK-BP’s results for the 11 days after the acquisition. A foreign exchange loss and higher net finance expenses, as well as increases in export and mineral extraction taxes, caused profit to fall, the state-run producer said.