MOSCOW, April 24 (RIA Novosti) - Russia's largest crude producer LUKoil [RTS: LKOH] said Tuesday its US GAAP net income increased 16.2%, year-on-year, in 2006 to $7.48 billion.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 18.2% in the reporting period to $12.3 billion and sales grew 21.4% to $67.68 billion, LUKoil said.
"The net income growth is attributable to the favorable price situation, increased oil production and refining and effective control of expenses, and also to an increase in the oil refining margin. At the same time, the profit growth was restrained by the ruble's appreciation against the dollar and the increased tax burden," LUKoil said in a statement.
Oil output expanded 5.8%, year-on-year, in 2006 to 95.2 million metric tons (703.1 million barrels), LUKoil said.
