Russian state oil producer OAO Rosneft (ROSN.RS) Wednesday said first-quarter net profit fell 8.9% from last year partly due to higher taxes on the huge Vankor field, as well as higher transportation and electricity costs, but was still supported by higher oil prices.

London-listed Rosneft said net profit under International Financial Reporting Standards was RUB112 billion ($3.8 billion), from RUB123 billion in the first quarter 2011, but above an average forecast of RUB87 billion.

"Our first-quarter results are much better than planned," Rosneft President Eduard Khudainatov said. "Our key objectives for this year are to press ahead with our large-scale production and refining projects and optimize our business across the board."

Revenue increased 27.2% to RUB748 billion, in line with analysts' expectations, from RUB588 billion a year earlier, boosted by a surge in global crude prices, as well as higher output.

Earnings before interest, taxes, depreciation and amortization, or Ebitda, fell 14.9% to RUB165 billion.

Rosneft said it produced 2.63 million barrels of oil equivalent a day during the quarter.

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