Lukoil net profit doubles but misses expectations

|By:, SA News Editor

Lukoil (LUKOY.PK, LUKOF.PK) says its Q2 net profit more than doubled - to $2.1B vs. $1.02B - from last year, when it was hit by a large income tax expense; analysts had forecast $2.25B.

Revenues grew 8.2% to $35.1B from $32.4B last year; analysts had foreseen flat sales.

EBITDA increased 25.9% to $4.36B from $3.46 a year ago, in line with expectations.

Total production rose 2.3% Y/Y to 2.19M boe/day.

Lukoil acquired the Samara-Nafta oil producing company from Hess during Q2, boosting results.