MOSCOW, March 3 (Reuters) – Russia's second-largest oil producer Lukoil said on Tuesday its net income declined by 39 percent last year to $4.75 billion, missing analysts' expectations, due to weaker oil prices and non-cash impairment losses.
Analysts, polled by Reuters, expected net income of $6.6 billion.
Oil companies have been hit hard by a fall in prices for oil, which almost halved since last year's peak due to oversupply, while a weaker rouble have inflated foreign-currency debts of Russian firms.
Lukoil said a negative impact on 2014 net income from the impairment losses, including those related to adverse changes in the economic environment in Russia, amounted to $2.4 billion.
Lukoil's shares were up 1.3 percent as of 1020 GMT, underperforming a 1.9 percent rise in the broader Moscow stock market.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined to $15.98 billion to $16.7 billion in 2013, also missing analysts' forecast of $19.5 billion.
Revenues inched up 2 percent to $144.2 billion, above the expected $143.6 billion, while free cash flow stood at $0.9 billion last year.
The company said net income excluding non-cash losses was $7.1 billion, while EBITDA reached $18.4 billion.
(Reporting by Olesya Astakhova; Writing by Vladimir Soldatkin; Editing by Maria Kiselyova and Tom Heneghan)
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you