Russian Oil Firm Lukoil Posts Sharp Rise in Profits

Published December 22nd, 2000 - 02:00 GMT

Russia's biggest oil firm LUKoil said Friday its net operating profit soared 113 percent year-on-year to 6.18 billion dollars (6.7 billion duros) in the six months to June 30. 

The results, the first to be published under US accounting standards, reflected "considerable improvement in all group activities," LUKoil said in a statement. 

Net profit came in at 1.452 billion dollars, but the firm gave no figure for the size of increase over the past year under the new accounting standards. 

Pre-tax operating profit climbed 116 percent to 6.2 billion dollars. 

"These results are good and fairly close to our forecasts," said Dmitri Avdeev, an analyst at United Financial Group, which is forecasting net profit at LUKoil for the whole year of 3.0-to-3.2 billion dollars -- MOSCOW (AFP)  



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