Russia's state-controlled crude producer Rosneft [RTS: ROSN] said Wednesday its net income calculated to Russian Accounting Standards (RAS) declined 23.1%, year-on-year, in the first quartet of 2007 to 18.61 billion rubles (about $721 million), RIA Novosti reports.
Net income declined 86.4%, quarter on quarter, in January-March 2007, the company said. Rosneft's net income totaled 136.83 billion rubles (about $5.1 billion) in the fourth quarter of 2006.
The crude producer said its lower net profits reflected liabilities included in the register of creditors of the now bankrupt oil company Yukos in accordance with court rulings.
Yukos, once Russia's largest oil company, was declared bankrupt August 1, 2006, after three years of litigation with tax authorities over the company's tax arrears.