Lukoil announces 28.5% rise in profits in 2010

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Lukoil, Russia's second largest oil producer, said on Thursday its 2010 net profits rose 28.5 percent to $9 billion (6.5 billion euros).

Sales rose to $105 billion, up by 29.4 percent on last year, the privately-owned oil company said in a statement, attributing the rise largely to growing oil prices.

Core earnings before interest, tax, depreciation and amortisation grew 19.1 percent to $16.049 billion.

"The significant growth in financial figures is explained mainly by the growth in prices for hydrocarbons in 2010 as compared to 2009," the company said.

It added that measures to increase efficiency and cut rising costs had helped increase cashflow and increase its profits.

Lukoil had earlier reported a 29 percent rise in net profit in the first nine months of last year.

The company produced 95.99 million tonnes of oil in 2010, it said.

In the third quarter of last year, Lukoil bought back more than half of a 20 percent stake owned by US oil major ConocoPhilips.

© 2011 AFP

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