Russia's biggest privately owned oil producer, OAO Lukoil Holdings (LKOH.RS), Thursday said fourth quarter net profit rose 27%, boosted by higher oil prices and refining margins.
Russia
's
biggest privately owned oil producer, OAO Lukoil Holdings (LKOH.RS), Thursday
said fourth quarter net profit rose 27%, boosted by higher oil prices and
refining margins.
Lukoil's net profit for the period under
U.S.
Generally Accepted Accounting Principles totaled $2.19 billion, compared with
$1.73 billion in the same period a year earlier, according to calculations made
by Dow Jones Newswires based on full-year figures.
That was below a forecast of $2.45 billion from a Dow Jones Newswires survey of
seven analysts.
The growth in global oil prices helped drive revenue higher by 18% in the
period to $28.68 billion from $24.28 billion a year earlier.
Earnings before interest, taxation, depreciation and amortization, or Ebitda,
rose to $4.06 billion from $3.24 billion.
At the end of 2009, Lukoil presented a new strategy aimed at strengthening its
financial position by focusing on high-yield projects and increasing cash
flows.
Lukoil Chief Executive Vagit Alekperov will host a presentation later Thursday
in
New York
, at
which investors are likely to look for guidance on dividends and update on
overseas projects.
Lukoil's shares underperformed the overall Russian equity market last year, but
have gained close to 20% in the last three months, compared with a 14% gain for
the Micex index.
At 1326 GMT, Lukoil's shares were trading 1.7% lower at 2008.3 rubles each
($70.5).
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