Lukoil 1Q Net Profit -71% to $905 Million On Lower Oil Prices, Forex
03 June 2009 - 9:13PM
Dow Jones News
Russia's second-biggest oil producer OAO Lukoil Holdings
(LKOH.RS) Wednesday said first-quarter net profit fell more than
two thirds, hit by lower oil prices and foreign exchange
losses.
Lukoil, 20% owned by ConocoPhillips (COP), said net profit in
the year's first three months under U.S. Generally Accepted
Accounting Principles slid to $905million from a net profit of
$3.16 billion in the same period last year. Still, the figure was
above a Dow Jones Newswires poll of 10 analysts, who had forecast
$595 million.
Revenue was down 41% to $14.75billion from $24.96 billion,
mainly due to lower oil prices and despite a 3.2% rise in crude
production in the quarter.
Earnings before interests, taxes, depreciation and amortization,
or Ebitda, halved to $2.41billion from $4.81 billion.
After being hit by the slump on world markets last year,
Lukoil's stock has almost doubled in valued since bottoming in
mid-February. At 1009 GMT, Lukoil shares were down 2.0% at $54.9in
Moscow.
Company Web site: www.lukoil.com
-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 937
8445; jacob.pedersen@dowjones.com