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Russia’s Rosneft profit, revenue jump on acquisitions

Russia's largest oil firm, state-controlled Rosneft reported a jump in its Q1 financials on the back of acquisitions and strong global oil prices.

Rosneft said its net profit to US Generally Accepted Accounting Principles (GAAP) soared more than seven-fold to $2.56 billion in the quarter from $358 million in the first quarter of 2007, slightly above analysts' forecast of $2.5 billion.

Revenues almost doubled to $16.37 billion from $8.22 billion in the same period a year ago. Analysts surveyed by Reuters had expected the firm to report revenues of $16.5 billion. (Reuters)