Lukoil Q1 Net Profit Up 7.7%

Russia's OAO Lukoil Holdings reported a 7.7% rise in its net profit for the first quarter. Lukoil's quarterly net profit climbed to $3.79 billion, from $3.52 billion, in the year-ago period. However, analysts were expecting a net profit of $3.06 billion. Its revenue climbed 19% to $35.3 billion from $29.6 billion. Its earnings before interest, taxation, depreciation and amortization (EBITDA) came in at $5.35 billion. Lukoil's crude oil production declined 1.7% to 169 million barrels, while natural gas output climbed 13.6% to 5.27 billion cubic meters.