MOSCOW, May 23 (RIA Novosti) - LUKoil (RTS: LKOH) said Tuesday its net profits for 2005 calculated to U.S. GAAP were $6.44 billion, up 51.7% year on year.
Russia's No. 1 crude producer said its earnings grew to $55.77 billion in 2005, a 64.8% increase on the previous year, and that EBITDA rose by 44.4%, to $10.4 billion.
The company said the increase in net profits was due to favorable pricing conditions, increased hydrocarbon production and control over spending, but added that growth has held back by consolidation of the ruble, increased transport expenses, and the tax burden.
