Lukoil Q1 revenue to RAS down 60%, profit up 41% to 8.4 bln rubles
MOSCOW. April 27 (Interfax) - Lukoil saw its revenue to Russian Accounting Standards (RAS) fall nearly 60% in Q1 2018 to 19.065 billion rubles from 47.492 billion rubles in Q1 2017, the company said in reporting.
Revenue plummeted due to drop in "proceeds from equity holdings in other organizations" to 7.037 billion rubles in Q1 2018, from 36.7 billion rubles a year previously.
Gross profit was down 68% to 13.921 billion rubles, however "other expenditures" also fell, to 4.11 billion rubles from 36.127 billion rubles.
As a result, profit before tax nearly doubled to 10.8 billion rubles and net profit grew 41% to 8.419 billion rubles.