Transneft Q1 Net Profit Falls to 1.01 Billion Dollars

Transneft reported a first-quarter net profit of 72.96 billion roubles ($1.01 billion) on Monday. Earnings fell 9.2% from the 80.33 billion roubles in the first quarter of the previous year. The state-controlled operator oversees the national pipeline network.

### Profit Margins Narrow Results were calculated at an exchange rate of 71.95 roubles per dollar. Transneft disclosed the figures in a statement released in Moscow on Monday.