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 top oil producer, reported a 30 percent increase in first-quarter net profit to 56 billion roubles ($1 billion) on Friday, broadly in line with expectations.

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

The company said it had revised its 2014 first-quarter income down to 45 billion roubles, excluding its share of earnings at Yugragazpererabotka, a former joint venture with Sibur petrochemical firm.

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

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

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

The Kremlin-controlled company had net debt of $43.8 billion at the end of last year, down from $57.4 billion at the end of 2013. This year, the company has to repay $23.5 billion.

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

The world's top listed oil producer by volume with output of 5.2 million barrels of oil equivalent per day of hydrocarbons said earlier this week that its "financial situation is stable and balanced within its adjusted business plan".

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