Rosneft's revenue up to $5.5 billion in 1Q07

Russia's largest state-controlled crude producer Rosneft said Wednesday its revenue in the first quarter of 2007 rose by an annualized 1%, to 142 billion rubles ($5.5 billion), RIA Novosti reports. The company's pre-tax profit in the same period dropped 19%, to 25 billion rubles ($977 million) and its net profit was 19 billion rubles ($721 million), down 20% year-on-year.

Rosneft assets, of which 75% of the authorized capital is state-owned, amounted to 797 billion rubles ($31 billion) as of March 31, against 749 billion rubles ($29 billion) early this year. The company's capital and reserves stood at 307 billion rubles ($12 billion) and 288 billion rubles ($11 billion), respectively.