MOSCOW: Russia's state-owned oil pipeline monopoly Transneft said on Thursday its first-quarter net profit fell 31 percent, year-on-year, to 58.71 billion roubles ($1.81 billion) on the back of forex-related losses.
Transneft said it recorded a 32.82 billion rouble forex loss in the January through March period compared to 8.5 billion in the same period of 2011 when it reported a net profit of 84.86 billion roubles.
The company's revenues for the January-March 2012 period were up 13 percent, year-on-year, to 181.35 billion roubles.
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