Lukoil Reports Rise in Income & Refinery Production
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Wednesday, 11 June 2008 |
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Lukoil
has reported that net income reached $3,163 million in the first
quarter of 2008. Revenue from sales rose by 59.4%, to $24,955
million.
The
increase in net income was due to favorable market conditions, high refinery
margin, increase in refinery throughputs as well as due to effective cost
control. Growth of the net income was held back by appreciation of the ruble
against the dollar, increase in transportation tariffs and growth of the tax
burden. The Company’s tax expenses totaled $8.7 billion, up 54.9%
y-o-y.
Operating
expenses rose by $465 million y-o-y, to $1.9 billion. This growth was mainly
caused by real appreciation of the ruble against the dollar . Lukoil
transportation expenses increased by 21.1%, to $1,195 million.
Refinery
throughputs at
the Group refineries grew by 9.8% to 13.32 million tons. Thanks to an
increase in capacity load and optimization of the operations, production of
petroleum products at Lukoil owned refineries increased by 9.1% y-o-y and
totaled 12,460 thousand tons.
PetrolWorld 060608
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