March 1, 2012 / 3:11 PM / 6 years ago

Rosneft revises profit down in accounting switch

MOSCOW, March 1 (Reuters) - Russia’s largest oil producer, state controlled Rosneft, revised its 2011 net profit down to 316 billion roubles ($10.82 billion) from 365 billion roubles due to a change in accounting principles, it said on Thursday.

Rosneft changed to International Financial Reporting Standards (IFRS) from U.S. Generally Accepted Accounting Principles (GAAP).

Under IFRS, its net debt was reported at 509 billion roubles, down from 511 billion roubles under GAAP. ($1 = 29.2150 Russian roubles) (Writing by Melissa Akin)

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