Lukoil reports 71.3% net profit growth

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Russia's privately-owned oil producer Lukoil reported net profit growth of 71.3 percent in the first quarter of 2011 thanks to rising market prices for crude, in a statement on Thursday.

Net profit in the first three months of the year was $3.5 billion, up from $2 billion for the same period last year. Total sales in the period were $29.6 billion, up from $23.9 billion, the company said in a statement.

Earnings before interest, tax, depreciation and amortisation (EBITDA) went up 43.3 percent since last year to $5.3 billion said Lukoil, which is Russia's second largest oil producer.

"Positive dynamic of our financial results was mainly due to a sharp increase in hydrocarbon prices in the first quarter of 2011" against 2010, the company statement said.

© 2011 AFP

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