MOSCOW, December 11 (RIA Novosti) - Russia's largest independent crude producer LUKoil said on Thursday its U.S. GAAP unaudited net income grew 70% year-on-year in January-September to $10.77 billion.
"The increase in net income was due to favorable market conditions, high refinery margin, increase in refinery throughputs as well as due to effective cost control," the oil company said in a statement.
Revenue climbed 60% to $89.73 billion, and EBITDA (earnings before interest, taxes, depreciation and amortization) increased 60.6% to $16.65 billion, the statement said.
Growth in net income was held back by the ruble's appreciation against the dollar in the reporting period, an increase in transportation tariffs, and growth of the tax burden. The company's tax expenses increased 60.4% year-on-year in January-September to $31.1 billion, LUKoil said.
