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Bloomberg
Rosneft OJSC, Russia’s largest oil producer, said profit slumped 75 percent in the first quarter as crude prices hit their lowest point in over a decade.
Net income dropped to 14 billion rubles in the first three months of the year compared to 56 billion rubles in the same period a year earlier, according to a statement on the Moscow-based company’s website. That missed the 28 billion-ruble estimate of nine analysts, surveyed by Bloomberg News. Revenue fell 21 percent to 1.05 trillion rubles.
Earnings before interest, taxes, depreciation and amortization declined to 273 billion rubles from 319 billion rubles in the first quarter of last year, according to the statement.