MOSCOW (MRC) -- Russian biggest privately owned oil producer Lukoil saw its third-quarter net profit fall 12% year on year to USD3.1 billion as it was hit by higher taxes, said Upstreamonline.
The quarterly figure, compared with USD3.47 billion a year earlier, was just short of an average forecast of USD3.2 billion in a Reuters poll of analysts.
The Vagit Alekperov-led company’s revenue was up 3.5% from a year earlier at USD36.7 billion, while analysts had expected a 2% increase.
Earnings before interest, tax, depreciation and amortisation rose 0.6%to USD5.5 billion, also in line with expectations.
Free cash flow increased from USD292 million in the second quarter to USD1.6 billion in the latest quarter, according to Lukoil, the second-ranked Russian oil producer behind state-owned Rosneft.
As MRC wrote before, Karpatneftekhim (LUKOIL group) resumed polyethylene (PE) and polyvinyl chloride (PVC)production in Ukraine. The resumption of PE and PVC production will fully meet the needs of the Ukrainian market in these products.
MRC