Lukoil earnings soar more than 70%
Russia's number two oil company Lukoil said Thursday its net profit soared 70.9 percent to 10.77 billion dollars in the first nine months to September.
EBIDTA, or earnings before interest, taxes, depreciation and amortization, grew 60.6 percent to 16.6 billion dollars over the same period, the company said in a statement.
Third quarter net profits were 3.47 billion dollars, up sharply from the year-earlier 2.48 billion dollars as sales jumped 56.3 percent to 89.2 billion dollars.
"The growth in net income was due to favourable market conditions, high refinery margins, an increase in refinery throughputs as well as due to effective cost control," Lukoil said.
Copyright 2008 AFP Global Edition
