MOSCOW, June 28 (RIA Novosti) - LUKoil's [RTS: LKOH] net profit calculated to US GAAP fell 23.1% in the first quarter of 2007 to $1.3 billion year-on-year, the Russian oil company said Thursday.
Revenue in the reporting period hit $15.6 billion, against $14.9 billion in January-March 2006.
The company's profit from core industries dropped 19.9% to $1.9 billion, and its pretax profit amounted to $1.8 billion. LUKoil's EBIDTA index reduced 13.5% to $2.4 billion.
In the first three months of this year, the company paid $1.8 billion in taxes, excluding profit tax, up 2.6% against the same period of 2006. LUKoil's operating costs increased 60%, to $1.4 billion in the first quarter of 2007, year-on-year.
The company said in a press release that the dynamics reflected a slowdown in global prices of oil and petrochemicals, an increase in Russian export duties, real ruble strengthening and higher transportation tariffs.
However, the company partially compensated for the negative factors by expanding its operations and streamlining its business.
LUKoil has an authorized capital of 21 million rubles ($822,000). ING Bank (Eurasia) controls 63.3% of LUKoil stock, and U.S. ConocoPhillips owns 20%.
The company is ranked among the world's largest vertically integrated oil and gas companies. LUkoil's share in global oil reserves and global oil output account for some 1.3% and around 2.1%, respectively. The company produces 18% of Russian oil and refines a similar amount.
