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31 Aug, 2010 07:49

Lukoil posts 1H 2010 net profit of $4 billion

Lukoil posts 1H 2010 net profit of $4 billion

Russian oil producer Lukoil has posted a 1H 2010 net profit of $4 billion under US GAAP.

The bottom line is up 24% year on year from 3.2 billion, with EBITDA up to $7.4 billion year on year from $6.5 billion, on the back of revenues from sales climbed year on year to $49.7 billion from $34.8 billion

The company attributes the net result to a sharp 1.9% rise year on year of hydrocarbon production, including a 25.5% increase of gas production along with the Group crude oil and petroleum product sales increased by 2.7% year on year and amounted to 76.8 million tons in 1H 2010.