MOSCOW: Russia's largest private oil firm Lukoil said Monday that a slide in oil prices had caused its profits to dip slightly in the second quarter.
Net profit dropped to 62.6 billion rubles ($961 million, 860 million euros), a 2-percent fall year-on-year, a better performance than analysts had predicted.
Lukoil's revenues fell by nine percent to 1.34 trillion rubles as falling oil prices, which early this year hit their lowest level since 2003, took their toll.
Lukoil said in a statement that the price of "crude oil and refined products is the primary driver" of the drop in its revenues.
Lukoil said EBITDA (earnings before interest, taxes, depreciation and amortisation), a measure of underlying profitability, also fell by 8 percent to 189.6 billion rubles.
Despite sliding profits, the company said it had benefited from lower mineral extraction taxes and export duty rates.
Lukoil's oil production decreased by 9 percent to an average of 2.16 million barrels of oil per day equivalent in the second quarter, it said.
Comments
Comments are closed for this article.