UPDATE 1-Russia's Rosneft says Q1 profit up 30 pct, meets forecast

* Rosneft revises down Q1 2014 net income

* Rosneft values Q1 losses from tax changes at 22 bln rbls

* Rosneft says Q1 net income down 5 pct to $43.3 bln

* Rosneft's shares down more than 2 percent on the day (Adds detail)

By Vladimir Soldatkin

MOSCOW, June 26 (Reuters) - Rosneft, Russia's topoil producer, reported a 30 percent increase in first-quarternet profit to 56 billion roubles ($1 billion) on Friday, broadlyin line with expectations.

Analysts, polled by Reuters, expected net income at 58billion roubles.

The company said it had revised its 2014 first-quarterincome down to 45 billion roubles, excluding its share ofearnings at Yugragazpererabotka, a former joint venture withSibur petrochemical firm.

The company had previously reported first-quarter 2014 netincome of 88 billion roubles.

Rosneft said its first quarter results were hit by a loweroil prices and changes in taxation, which saw an increase in thetax on mineral extraction. It valued losses from the new taxregime at 22 billion roubles in January-March.

Rosneft said its net debt stood at $43.3 billion in thefirst quarter, down almost 5 percent year-on-year. Its shareswere down 2.3 percent in afternoon trade, underperforming a 0.5percent rise in Moscow's broader stock market.

The Kremlin-controlled company had net debt of $43.8 billionat the end of last year, down from $57.4 billion at the end of2013. This year, the company has to repay $23.5 billion.

Rosneft has changed the way it accounts for foreign exchangefluctuations, a move that avoids the cost of billions of dollarsof debt hitting profits.

The world's top listed oil producer by volume with output of5.2 million barrels of oil equivalent per day of hydrocarbonssaid earlier this week that its "financial situation is stableand balanced within its adjusted business plan".

Rosneft also said its January-March revenues were 1,288billion roubles, down 6 percent, while earnings before interest,taxes, depreciation and amortisation (EBITDA) were 265 billionroubles, down 8 percent from a year earlier. ($1 = 55.0560 roubles) (Reporting by Vladimir Soldatkin and Maria Kiselyova, editingby Elizabeth Piper)