Russian crude producer LUKoil posts 73% net profit growth in Q1

MOSCOW, April 29 (RIA Novosti) - Russia's largest independent oil producer LUKoil [RTS: LKOH] said on Tuesday its net profit calculated to Russian Accounting Standards climbed 73% year-on-year in the first quarter to 13.231 billion rubles ($560 million).

LUKoil, which accounts for about 1.3% of global oil reserves and 2.1% of world crude output, said its first quarter net profit declined 14% on the fourth quarter of 2007 due to lower gross profit resulting from changes in sales structure, increased export duties, and negative revaluation of long-term financial investment in shares.

LUKoil earlier said its U.S. GAAP net consolidated income increased 27.1% year-on-year in 2007 to $9.51 billion.