Transneft Reports 15% Decline in Q1 Net Profit to $1 Billion
MOSCOW (Reuters) - First-quarter net profit of Russia's oil pipeline monopoly Transneft declined by around 15% to 80.3 billion roubles ($1 billion) as revenue shrank, the company said.
Profit in the period for Transneft, which operates Russia's 67,000 kilometre-long (42,000 miles) oil pipeline network, also declined, to 84.2 billion roubles from 98.2 billion roubles in January-March 2024.
Transneft's main source of revenue is tariffs on oil and oil products shipments via its vast pipeline network. It transports more than 80% of the total oil produced in Russia.
($1 = 78.5000 roubles)
(Reporting by Vladimir Soldatkin and Olesya Astakhova; editing by David Evans)