Lukoil Q1 profit increased 45.5% quarter-on-quarterStaff Writer | May 31, 2017
In the first quarter of 2017 Lukoil sales increased to 1,431.6 bln RUB, or by 2.2% compared to the fourth quarter of 2016 mainly driven by higher wholesale volumes of the refined products internationally due to the increased trading volumes.
Lukoil Year-on-year EBITDA dynamics was significantly impacted
In the first quarter of 2017, company's EBITDA increased to 207.6 bln RUB, or by 13.3% and 8.2% as compared to the fourth quarter of 2016 and the first quarter of 2016, respectively.
Year-on-year EBITDA dynamics was significantly impacted by lower volumes of compensation crude oil from the West Qurna-2 project in Iraq. company's EBITDA, net of this project, increased by 20.1%.
In the first quarter of 2017, profit attributable to PJSC LUKOIL shareholders was 62.3 bln RUB, up 33.7% and 45.5% quarter-on-quarter and year-on-year, respectively.
Profit was significantly impacted by non-cash foreign exchange loss. Excluding this item, profit attributable to PJSC LUKOIL shareholders amounted to 97.1 bln RUB, a 22.7% increase year-on-year. ■