Lukoil Q1 profit increased 45.5% quarter-on-quarter
As compared to the first quarter of 2016, company's sales increased by 21.6% primarily due to the higher sales prices, as well as higher sales volumes of crude oil and refined products internationally resulting from the increase in trading volumes.
In the first quarter of 2017, company's EBITDA increased to 207.6 bln RUB, or by 13.3% and 8.2% as compared to the fourth quarter of 2016 and the first quarter of 2016, respectively.
Year-on-year EBITDA dynamics was significantly impacted by lower volumes of compensation crude oil from the West Qurna-2 project in Iraq. company's EBITDA, net of this project, increased by 20.1%.
In the first quarter of 2017, profit attributable to PJSC LUKOIL shareholders was 62.3 bln RUB, up 33.7% and 45.5% quarter-on-quarter and year-on-year, respectively.
Profit was significantly impacted by non-cash foreign exchange loss. Excluding this item, profit attributable to PJSC LUKOIL shareholders amounted to 97.1 bln RUB, a 22.7% increase year-on-year. ■