Norwegian energy champion StatoilHydro followed its European rivals on Monday in reporting a sharp fall in net profits in the first quarter of 2009, but results still beat analysts' expectations. Statoil made net profits of 4 billion Norwegian kroner ($632 million) in the first three months of the year - down 75% - on overall revenues of 112.6 billion kroner, 29% lower than in 2008.
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