Economic news

Lukoil's net Profit Declines 22% to $1.3 Billion in Q1

May 2 (Reuters) - Russian oil company Lukoil posted a net profit under Russian Accounting Standards (RAS) of 104.3 billion roubles ($1.3 billion) in the first quarter of 2023, down 22% from 133.4 billion roubles in the same period 2022.

The RAS data does not typically take into account financials from subsidiaries.

Russia's second-largest oil producer said that its revenues fell by 63% to 455.83 billion roubles in the January - March period. The company has not explained the reason for the decline.

Lukoil, like many other Russian businesses, stopped publishing their financial results calculated under international standards, after Moscow had sent its troops into Ukraine in February 2022.

($1 = 79.9000 roubles)

Reporting by Reuters; Editing by Kevin Liffey

Source: Reuters

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