Lukoil Q3 Net Profit Surges 56.4%

OAO Lukoil Holdings (OTC: LUKOY) reported a 56.4% rise in its net profit for the third quarter. Lukoil's quarterly net profit under US Generally Accepted Accounting Principles surged to $3.51 billion, from $2.24 billion, in the year-ago period. However, analysts were expecting a profit of $3.13 billion. Its revenue climbed 2.7% to $35.5 billion from $34.6 billion, while earnings before interest, taxation, depreciation and amortization climbed to $5.44 billion from $4.63 billion. Lukoil's production rose 1.4% y/y to 2.16 million barrels of oil equivalent per day. Lukoil shares closed at $61.99 yesterday.