Lukoil Swung to 1Q Net Profit
26 May 2021 - 9:39PM
Dow Jones News
By Adria Calatayud
Lukoil PJSC said Wednesday that it swung to a first-quarter net
profit as sales rose thanks to higher hydrocarbon prices and it
recognized no impairment losses.
The Russian energy company said net profit for the first three
months of the year was 157.43 billion Russian rubles ($2.14
billion) compared with a loss of RUB45.96 billion for the same
period last year. The company said its year-earlier performance was
hurt by asset write-downs due to the coronavirus pandemic.
Revenue for the quarter rose 13% to RUB1.876 trillion.
The company said the main impact of the pandemic on its
financial performance was due to volatility in prices for crude oil
and refined products as well as lower production volumes.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
May 26, 2021 07:37 ET (11:37 GMT)
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