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Lukoil Q1 net profit falls by one-third on forex loss, writeoff

  • Lukoil (LUKOY, LUKOF) says its Q1 net earnings fell by a third to $1.73B, down from $2.59B in the year-ago period, despite rising oil production due to a write-off and ruble depreciation.
  • Russia's largest private oil producer says results were hit by a $358M loss on the $1.2B disposal of a 50% stake in Caspian Investment Resources to China's Sinopec.
  • Lukoil also reported a $270M loss from currency transactions, as the ruble lost more than 10% in the quarter following the crisis in Ukraine.
  • Revenue rose to $35.7B in Q1 from $33.8B in the year-ago period.
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