Lukoil 1Q Net Profit -71% to $905 Million On Lower Oil Prices, Forex

Russia's second-biggest oil producer OAO Lukoil Holdings (LKOH.RS) Wednesday said first-quarter net profit fell more than two thirds, hit by lower oil prices and foreign exchange losses.

Lukoil, 20% owned by ConocoPhillips (COP), said net profit in the year's first three months under U.S. Generally Accepted Accounting Principles slid to $905million from a net profit of $3.16 billion in the same period last year. Still, the figure was above a Dow Jones Newswires poll of 10 analysts, who had forecast $595 million.

Revenue was down 41% to $14.75billion from $24.96 billion, mainly due to lower oil prices and despite a 3.2% rise in crude production in the quarter.

Earnings before interests, taxes, depreciation and amortization, or Ebitda, halved to $2.41billion from $4.81 billion.

After being hit by the slump on world markets last year, Lukoil's stock has almost doubled in valued since bottoming in mid-February. At 1009 GMT, Lukoil shares were down 2.0% at $54.9in Moscow.

Company Web site: www.lukoil.com

-By Jacob Gronholt-Pedersen, Dow Jones Newswires; [phone]; [e-mail]