The $440 million, or 17% fall, came as company earnings before interest, taxes, depreciation and amortisation fell 9% to $3.61 billion from $3.94 billion in the first quarter of 2011.
The company said the $200 million gain on the disposal of the Kovykta assets in the first quarter of 2011, as well as impairment charges and the negative effects of lower duty lag benefits (a combined $400 million) had contributed to the lower EBITDA.
Stronger
