MOSCOW, June 28 (RIA Novosti) - LUKoil [RTS: LKOH] said Wednesday its U.S. GAAP consolidated net profits had increased 43.1% year on year in January-March, to $1.689 billion.
Russia's largest independent crude producer said its earnings before interest, taxes, depreciation and amortization (EBITDA) had grown 43.2% to $2.806 billon, and sales proceeds had jumped 41.5% to $14.943 billion.
"The growth in net profits was due to a favorable pricing situation, an increase in refining margins, a rise in output and refining volumes, and efficient control over spending. At the same time, ruble appreciation against the dollar and an increasing tax burden were factors that restrained growth," the company said.
LUKoil paid $5.1 billion in taxes in January-March, up 45.3% year on year. Operating losses grew 15.1%.
"The ruble's appreciation against the dollar, which was 10.9% in the year ending March 31, remains a rather negative factor affecting operational losses in Russia," the company said.
