8 May 2014 18:32

Slavneft Q1 net profit drops 50% on ruble weakening

MOSCOW. May 8 (Interfax) - Slavneft posted a net profit of 1 billion rubles in the first quarter of 2014 under international financial reporting standards (IFRS), down from 2.15 billion rubles in the same period last year, the company reported.

Revenue increased 9% to 51.6 billion rubles and operating expenses were also higher, by 8% to 45 billion rubles. Operating profit increased 12% to 6.7 billion rubles.

However, an exchange rate loss of 4.5 billion rubles compared with a loss of just 0.8 billion rubles a year earlier sent pretax profit down 55% to 2.3 billion rubles.

Slavneft is owned 50-50 by Rosneft and Gazprom Neft .