Lukoil sees net profit to US GAAP fall 28.6% in H1 to $4.807 bln
MOSCOW. Aug 31. (Interfax) - Lukoil saw its net profit to US GAAP fall 28.6% year-on-year in H1 2012 to $4.807 billion.
The Russian oil major said in a report that earnings fell 68.8% in Q2 to $1.018 billion.
Analysts forecast $6.14 billion and $2.351 billion in the respective periods in a consensus forecast for Interfax.
H1 sales revenues were up 4.8% at $67.658 billion, but down 7.2% at $32.397 billion for Q2. H1 operating expenses were virtually flat year-on-year at $4.542 billion, as were Q2 operating expenses at $2.327 billion.
EBITDA (earnings before interest, taxes, depreciation, and amortization) was down 17.6% at $8.808 billion in H1.
The company said that exchange-rate variance had a substantial negative impact on net profits.
Lukoil's net debt decreased by $893 million (or by 14.1%) over the course of the first half.
Free cash flow amounted to $1.699 billion. The cost of extracting hydrocarbons in the first half slipped 2% year-on-year to $4.86 per barrel of oil equivalent.
