Lukoil posts 3Q 2008 Net Profit of $3.47 Billion
Major Russian oil company, Lukoil, has posted a 3Q 2008 Net Profit of $3.47 Billion under U.S. GAAP.
The bottom line result is up 40% on the $2.48 Billion posted o0ver the same period 2007, with EBITDA coming in at $5.57 Billion, on the back of Revenues of $32.55 Billion. The 3Q results made for a 9M Net Profit of $10.76 Billion, up 70.9%, year on year, with 9M EBITDA of $16.65 Billion, up 60.6%, on 9M Revenues of $89.26 Billion, up 52%.
The company attributed the better than expected results to favourable market conditions over the earlier part of the year, combined with effective cost control. Lukoil noted that it is taking further steps to increase efficiency and secure a positive cash flow through the global financial crisis.