Lukoil reports quarterly profit of 2.05 billion dollars

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Lukoil, Russia's biggest private oil producer, said on Wednesday that net profit more than doubled to over two billion dollars in the first quarter from the equivalent figure last year on the back of higher oil prices.

"The positive dynamics of our net income were mainly due to a sharp increase in hydrocarbon prices in the first quarter of 2010, compared to the respective period of 2009," the company said in a report on its operations for the period from January through March.

The company's net income was 2.05 billion dollars, which is 1.1 billion dollars more than in the same period of 2009, an increase of 126.9 percent, Lukoil said.

"At the same time our results were affected by an increase in extraction taxes and export tariff rates, appreciation of the Russian ruble and increase in transportation expenses," the company added.

Sales increased 62 percent to 23.9 billion dollars, the company said.

© 2010 AFP

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