Russian oil firm Lukoil has seen its profits rise in the first quarter due to higher revenue as a result of increased oil prices and sale volumes.
The country’s largest independent producer earned a quarterly profit attributable to shareholders of RUB 62.3 billion.
That was an increase from RUB 42.8 billion in the first three months of last year.
The increase came after an increase in turnover from RUB 1,177.7 in 2016 to RUB 1,431.6 this year.
The results came despite a drop in the level of liquid hydrocarbon production – which dropped by by over 18 million barrels compared to last year’s first quarter total.
Earnings before interest, tax, depreciation and amortisation increased to RUB 207.6 billion from RUB 192 billion a year ago.
This increase was attributed to the growth of high-margin volumes and cost-cutting measures,which were offset by the appreciation of the rouble and higher taxes.
Recommended for you
