(MENAFN- AFP) Russia's largest private oil firm Lukoil said Monday its profits dropped 61 percent in the third quarter compared with a year earlier due to the slide in oil prices.
The company reported its net income was $623 million in the July-September period. Analysts interviewed by Interfax news agency had estimated net profits at $795 million.
Lukoil's revenues slightly exceeded analysts' expectations, even though they dropped 39 percent to $23.4 billion in the third quarter compared with the same period last year.
The company said its financial results had been affected by crude oil prices that "dropped nearly two-fold" and accounting costs related to asset sales and project terminations.
Lukoil -- which has massively invested to reverse a decline in its output -- said its production had increased by 1.1 percent to an average of 2.3 million barrels a day.
The company has benefitted from commercial production at the West Qurna-2 field in Iraq, which produced some 235,000 barrels a day in the third quarter.
Its domestic oil production meanwhile dropped two percent to 1.73 million barrels a day.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.