Russia's Lukoil Says Q1 Net Profit Down 59%, Misses Forecast

Reuters

MOSCOW, June 6 (Reuters) - Russia's No.2 oil producer Lukoil said on Monday its first-quarter net income fell by 59 percent, year-on-year, to 42.8 billion roubles ($651.3 million) due to a drop in oil prices, missing analysts' forecast of 53.2 billion roubles.

Sales declined to 1.2 trillion roubles from 1.4 trillion roubles a year ago, in line with expectations, while earnings before interest, tax, depreciation and amortization, a gauge of operating profit known as EBITDA, fell by 32 percent to 145.5 billion roubles, compared to an expected 170.4 billion roubles.

(Reporting by Vladimir Soldatkin; Editing by Maria Kiselyova)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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