Russia's Lukoil sees Q2 net income fall 44%

摘要

Moscow-Russia's second-largest oil producer Lukoil August 28 posted net income of $2.3 billion for the second quarter of 2009, down 43.7% on year but above analysts' expectations. Sales totaled $20.1 billion, down 37% on the year, but boosted by the crude oil price recovery and the weak ruble, Lukoil said. "A substantial part of our revenue is either denominated in US dollars or is correlated to some extent with US dollar crude oil prices, while most of our costs in the Russian Federation are settled in Russian rubles," Lukoil said in the financial analysis on the results.