Lukoil Swung to Net Loss in 1st Half
By Anthony O. Goriainoff
Lukoil PJSC said Thursday that it swung to a net loss for the
first half of 2020 as prices for oil and refined products, as well
as production volumes, declined due to the coronavirus
The Russian oil-and-gas company said that for the six months
ended June 30, net loss was 64.68 billion rubles ($854.9 million)
compared with a net profit of RUB330.5 billion for the first half
Sales in the first half of the year fell 33% to RUB2.65 billion,
Lukoil said. Sales dynamics in the period were hurt by lower
hydrocarbon prices, hydrocarbon production volumes, trading volumes
of oil and refined products, as well as lower refined products'
sales volumes through filling stations, the company said. These
were partially offset by a devaluation in the ruble against the
dollar, it said.
Write to Anthony O. Goriainoff at
(END) Dow Jones Newswires
August 27, 2020 07:32 ET (11:32 GMT)
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