LUKoil posts 43% net profit growth in H1

Telco

LUKoil, Russia’s largest crude producer, said Wednesday its net profit calculated to Russian Accounting Standards grew 42.5%, year-on-year, in January-June to 51.4 billion rubles ($2.2 billion).

LUKoil, which accounts for about 1.3% of global oil reserves and 2.3% of world crude output, said its net profit in the Q2 of 2008 increased 190%, quarter on quarter, to 38.17 billion rubles ($1.6 billion).

The crude producer attributed its net income growth to rising global oil prices, which outpaced the growth in export duty rates in the second quarter of 2008.

LUKoil’s US GAAP net consolidated profit increased 27.1%, year-on-year, in 2007 to $9.51 billion and its oil output grew 1.4% last year to 713 million barrels. (rian.ru)

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Tech