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Lukoil Reports 20% Rise in Q2 Profit on Stronger Oil, Weaker Rouble

Source: Reuters 8/29/2018, Location: Asia

Russia’s second-largest oil producer, Lukoil, reported a 20 percent rise in second-quarter net profit helped by stronger oil prices and a weaker rouble.

Net profit came in at 167.3 billion roubles ($2.5 billion) for the second quarter. Analysts, polled by Reuters, had expected a net profit at 171 billion roubles.

Lukoil, controlled by Vagit Alekperov and his deputy Leonid Fedun, said its earnings were supported by higher sales despite a decline in oil production after a global oil deal to curb output.

Shares were up 1.3 percent by 1228 GMT, outperforming the broader Moscow market, which climbed by 0.8 percent.

Sales in the second quarter increased to 2.06 trillion roubles, from 1.36 trillion roubles a year earlier.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 295.2 billion roubles, from 179 billion roubles in the same period of 2017.

Lukoil also said its adjusted free cash flow jumped in the April to June quarter by more than 65 percent to a record 152 billion roubles.

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