Russia's Lukoil profits rise over 69%: company

31st August 2011, Comments 0 comments

Russia's privately-owned oil company Lukoil reported net profit growth of 69.1 percent in the first six months of the year mainly due to rising oil prices, it said in a statement Wednesday.

Lukoil made a net profit of $6.8 billion in the first six months of the year, up from $4 billion for the same period last year. Total sales for the period were $64.5 billion, up from $49.8 billion, the company said in a statement.

Earnings before interest, tax, depreciation and amortisation (EBITDA) went up by 43.8 percent since last year. Production went down by 4.4 percent to 2.2 million barrels of oil equivalent per day.

"Considerable growth of financial indicators can be explained mainly by the rise of prices of hydrocarbons, as well as the increase in the margin of refining in the first quarter of 2011 compared with the same period in 2010," it said.

© 2011 AFP

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