MOSCOW, April 24 (RIA Novosti) - Russia's largest crude producer LUKoil [RTS: LKOH] could switch to preparing its financial statements in other currencies due to the dollar's volatility, a senior executive said Tuesday.
"The dollar's volatility strongly affects our financial statements," LUKoil Vice President Leonid Fedun said.
Fedun said LUKoil will discuss with its shareholders the issue of switching the company's financial statements to rubles or euros.
"Today, we actually do not trade in U.S. dollars but submit our reports calculated in U.S. currency," Fedun said.
LUKoil presented April 24 its 2006 financial statements prepared in accordance with U.S. GAAP standards.
The company's 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% to $12.3 billion and sales grew 21.4% to $67.68 billion, LUKoil said.
