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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)