Lukoil Sees 1Q 2013 Profit Drop by a Third

MOSCOW - OAO Lukoil Holdings, Russia's No. 2 crude oil producer, said Tuesday its net profit for the first quarter dropped by almost a third from the same period last year on the back of lower hydrocarbon prices and higher operating expenses. 

Lukoil said net profit for the period was $2.58 billion, compared with $3.79 billion last year. Earnings before interest, taxation, depreciation and amortization, or Ebitda, fell 10.7% on the year to $4.78 billion. Revenue slipped 4.2% to $33.8 billion. 

Daily hydrocarbon output for the period fell 0.1% to 2.2 million barrels of oil equivalent a day. 

Capital expenditure in the first three months of this year rose to $3.4 billion from $2.5 billion last year. 

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

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