Lukoil 4Q 2012 Profit Almost Doubles

MOSCOW - OAO Lukoil Holdings, Russia's No. 2 crude oil producer, said Thursday its net profit for the final three months of 2012 nearly doubled compared with the same period the previous year, when it was hit by a nearly $1 billion write-off.

Lukoil said net profit for the period totaled $2.69 billion, compared with $1.35 billion in 2011. That was slightly below a forecast of $2.72 billion from a Dow Jones Newswires survey of five analysts.

The company didn't provide a breakdown of fourth-quarter results, but said revenue for the full year increased 4.1% to $139.2 billion from $133.7 billion, on the back of higher oil prices. Earnings before interest, taxation, depreciation and amortization, or Ebitda, rose 1.7% to $18.9 billion from $18.6 billion. Net profit for the year was up 6.2% on 2011 at $11.0 billion.

Lukoil will host a presentation later Thursday, where analysts say they are looking for information on the company's progress on stabilizing production and plans for international projects, such as West Qurna-2 in Iraq.

 

Copyright (c) 2012 Dow Jones & Company, Inc.

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