Lukoil leaps to profits record

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Steve Marshall

 07 March 2013 09:56 GMT

Russian giant Lukoil notched up record net income last year of $11 billion, beating analyst estimates, as tighter cost control and higher oil prices bolstered the bottom line.

Profits for Russia’s biggest privately owned oil company were up 6.2% on the previous year and also exceeded a forecast of  $10.87 billion from analysts polled by Reuters.

Revenue rose 4.1% year-on-year to $139.2 billion, versus a $137.85 billion forecast, to yield 1.7% higher earnings before interest, tax, depreciation and amortisation of $18.9 billion.

Lukoil said tight cost control helped it to maintain production expenses of $5 per barrel that were on a similar level to 2011 while it also cut net debt by 41.5% to $3.7 billion and generated cash flow last year of $6.4 billion.

However, the company failed to achieve a…

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