Transneft's Q1 net profit soars

Russian oil pipeline monopoly Transneft's net profits for the first quarter of 2011 skyrocketed 150 percent to 84.858 billion rubles ($3.03 billion) to IFRS, the firm said on Tuesday. Revenues jumped 45 percent to 149.181 billion rubles in the quarter, whilst operating revenue rose 20.7 percent  to 50.769 billion rubles. Pre-tax profit more than doubled to 99.582 billion rubles, Transneft said in a statement. Operating expenses went up by 62 percent in January-March this year to 98.412 billion rubles. The company's assets increased 4.5 percent year-on-year to 1.727 trillion rubles. Liabilities amounted to 835.082 billion rubles in the first quarter, up from 845.198 billion at the end of 2010.