Lukoil posts 1H 2011 1H 2011 net income of $6.768 billion

Photo from www.lukoil.ru
Russian crude producer, Lukoil has posted a 1H 2011 net income of $6.768 billion under US GAAP.

The 1H bottom line is up 69.1% year on year from the $4.002 billion net income posted for 1H 2010, with 1H EBITDA rising 43.8% year on year to $10.688 billion, on the back of a 29.7% year on year increase in sales to $64.538 billion.

The 1H figures include a 2Q 2011 net income $3.251 billion, up 66.8% year on year, with 2Q EBITDA up 44.3% to $5.345 billion, as 2Q sales climbed 35% year on year to $34.912 billion.

Lukoil says the results reflect a sharp increase in global crude prices in the early part of 2011, on the back of instability in the Middle East and North Africa, offsetting Russian rouble appreciation, a 5.2% year on year decline in crude production, and an increased tax burden.