Lukoil reports half-time profit leap to 4.0 billion dollars

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Lukoil, the second-biggest Russian oil producer, reported on Tuesday a 24.0-percent rise in first-half net profit to 4.0 billion dollars.

But in the second quarter, net profit fell by 16 percent on a 12-month comparison to 1.9 billion dollars (1.5 billion euros).

Earnings before interest, tax, depreciation and amortisation amounted to 7.4 billion dollars.

Exports of oil in the first six months of 2010 amounted to 20.4 million tonnes, and exports of oil products to 12.9 million tonnes.

The group said that action taken at the beginning of the year to raise the return on activities was enabling the company to overcome difficult economic conditions.

© 2010 AFP

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