MOSCOW, May 15 (RIA Novosti) - Russia's state-controlled crude producer Rosneft [RTS: ROSN] said Tuesday its 2006 US GAAP net income grew 0.3%, year-on-year, to $3.625 billion from $3.615 billion after the sale of Sevmorneftegaz, an Arctic producing asset.
Excluding the asset sale, Rosneft's net income declined 15% in the reporting period, to $3.533 billion against $4.159 billion in 2005, the company said in a statement.
"The slowdown in net income growth in 2006 was largely due to an increased tax burden, as taxes other than income tax increased by 31.2% and export duties increased by 77.8%," the statement said.
Revenues climbed 38.7%, to $33.099 billion in the reporting period, while earnings before interest, taxes, depreciation and amortization (EBITDA) were up 3.5% to $7.28 billion, the statement said.
