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Russian oil giant Lukoil reports drop in net profits
AFP
MOSCOW
Petroleumworld.com 06 29 07Russia's leading oil producer Lukoil on Thursday reported a 23.09 percent in net profits in the first quarter to 1.299 billion dollars compared with the same period last year.
Analysts had been expecting a higher profit of around 1.38 billion dollars.
The company said its results had been affected by the drop in oil prices, the increase in export taxes in Russia, an appreciation of the rouble against the dollar and higher transport costs.
Lukoil vice president Leonid Fedoun told a news conference the company had also gone to the capital markets to insure itself against the risks hanging over oil prices.
Lukoil said its taxes had increased by 9.8 percent over the year to 5.6 billion dollars. Operating profit over the quarter dropped by 13.3 percent to 2.432 billion dollars.
Sales in the January-March period increased by 4.65 percent to 15.735 billion dollars, according to a financial report released on the sidelines of its general assembly, compared with the 16.11 billion dollars expected by analysts.
Lukoil's crude oil production increased by 6.5 percent to 180.5 million barrels, while its natural gas production rose 14.1 percent to 3.581 million cubic metres.
AFP 281346 GMT 06 07
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