Lukoil 1st Half Net Profit Rose 20% on Higher Sales

Date : 08/28/2019 @ 12:44PM
Source : Dow Jones News
Stock : PJSC Lukoil (PK) (LUKOY)
Quote : 56.71  -4.64 (-7.56%) @ 9:20PM

Lukoil 1st Half Net Profit Rose 20% on Higher Sales

PJSC Lukoil (PK) (USOTC:LUKOY)
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By Oliver Griffin

 

Lukoil PJSC (LKOH.MZ) on Wednesday reported a 20% rise in first-half net profit, driven by higher sales of oil and gas.

The Russian oil-and-gas company made a profit of 330.5 billion rubles ($4.98 billion) in the first half of 2019, up from RUB276.4 billion in the year-earlier period.

Despite the rise in net profit, Lukoil said profit growth was constrained by higher depreciation, depletion and amortization charges following its adoption of new accounting standards.

Sales in the first half of the year fell 7.9% to RUB3.98 trillion, the company said. It attributed the growth to higher sales volumes in crude oil and natural gas, which followed an increase in production.

 

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

 

(END) Dow Jones Newswires

August 28, 2019 07:29 ET (11:29 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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