MOSCOW, October 31 (RIA Novosti) - LUKoil's net profit in January-September, calculated to Russian Accounting Standards, increased 30.5% year-on-year to 64.9 billion rubles ($2.4 billion), Russia's largest independent crude producer said on Friday.
The company said its net profit in the third quarter fell 64.5% to 13.5 billion rubles ($500 million) against the second quarter.
LUKoil said the quarter-on-quarter decline was largely due to the fall in world oil prices and the simultaneous rise in oil export tariffs, as well as falling revenues from non-core businesses.
The company's U.S. GAAP net consolidated profit increased 27.1% year-on-year in 2007 to $9.51 billion, and oil output grew 1.4% last year to 713 million barrels.
LUKoil's majority shareholder with over 70% of shares is Russia's ING Bank (Eurasia). U.S. oil major ConocoPhillips has a 20% stake.
