Lukoil reports drop in net profits

Russia's leading oil producer Lukoil on June 28 reported a 23.09 percent in net profits in the first quarter to 1.299 billion dollars compared with the same period last year. The company said its results had been affected by the drop in oil prices, the increase in export taxes in Russia, an appreciation of the rouble against the dollar and higher transport costs.
Lukoil said its taxes had increased by 9.8 percent over the year to 5.6 billion dollars. Operating profit over the quarter dropped by 13.3 percent to 2.432 billion dollars.