Up: increased profits at Lukoil below expectations
Lukoil results disappoint
Russia's second largest oil producer Lukoil reported a 63.9% rise in net income in the second quarter, below analysts' expectations.
The company, in which US oil major ConocoPhillips owns 20% said net income to US Generally Accepted Accounting Principles rose to $4.13 billion from $2.52 billion in the same period last year and against $4.67 billion forecast in a Reuters poll of 14 analysts.
Sales totalled $31.94 billion, slightly exceeding analysts' averaged expectations of $31.92 billion. Total revenues, which also include an equity share in the income of affiliates, amounted to $32.09 billion.
Core earnings (EBITDA) were $6.24 billion in the second quarter, below the forecast of $6.93 billion.
Net income jumped 91% year-on-year to $7.29 billion in the first half of the year. Sales increased by 59% to $56.89 billion and EBITDA rose 74.5% to $11.08 billion.