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Lukoil says Q1 net profit down 59 percent

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Staff writer ▼ | June 6, 2016
Lukoil
Oil production   Sales declined to 1.2 trillion roubles

Russia's oil producer Lukoil said on Monday its first-quarter net income fell by 59 percent, year-on-year, to 42.8 billion roubles ($651.3 million).

This is due to a drop in oil prices, missing analysts' forecast of 53.2 billion roubles.

Sales declined to 1.2 trillion roubles from 1.4 trillion roubles a year ago, in line with expectations, while earnings before interest, tax, depreciation and amortization, a gauge of operating profit known as EBITDA, fell by 32 percent to 145.5 billion roubles, compared to an expected 170.4 billion roubles.


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