Russia's Rosneft Says Q1 Net Profit Down 75%, Misses Estimates

Reuters

MOSCOW, June 8 (Reuters) - Rosneft, Russia's largest oil producer, said on Wednesday its first-quarter net profit declined by 75 percent, year-on-year, to 14 billion roubles ($216.8 million) following a drop in global oil prices, missing expectations.

Analysts, polled by Reuters, forecast the net income at 33 billion roubles.

Sales declined by 21 percent to 1.05 trillion roubles, while earnings before interest, taxation, depreciation and amortization, a gauge of operating profit known as EBITDA, decreased by 14.4 percent to 273 billion roubles.

Net debt fell by 45 percent to $23.9 billion.

(Reporting by Olesya Astakhova and Vladimir Soldatkin; Editing by Maria Kiselyova)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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