RusEnergy

24 April 2007 - Upstream OnLine - Russian oil producer Lukoil has unveiled a 16% rise in 2006 net profits, slightly missing a forecast by analysts. The company said its profits rose to $7.48 billion from $6.44 billion in 2005. Analysts polled by Reuters had expected the company to report a profit of $7.87 billion. Revenues rose 21% to $68.11 billion from $56.22 billion, on the back of stronger oil and gas output, which Lukoil said had risen by 12.2% last year to 2.145 million barrels of oil equivalent. Analysts had expected the revenues to amount to $68 billion. "The increase in net income was due to favourable market conditions, increase in hydrocarbon production and refinery throughputs, cost control and refining margins growth," Lukoil said in a statement. "The net income growth was held back by strengthening of the rouble against the dollar and growth of the tax burden. The company's tax expenses totalled $24.4 billion, up 30.4% year-on-year." It also said earnings before interest, tax, depreciation and amortisation (EBITDA) rose 18% to $12.30 billion from $10.40 billion in 2005, also slightly missing a forecast of $12.62 billion.