Lukoil Swung to 1Q Net Profit

   By Adria Calatayud

Lukoil PJSC said Wednesday that it swung to a first-quarter net profit as sales rose thanks to higher hydrocarbon prices and it recognized no impairment losses.

The Russian energy company said net profit for the first three months of the year was 157.43 billion Russian rubles ($2.14 billion) compared with a loss of RUB45.96 billion for the same period last year. The company said its year-earlier performance was hurt by asset write-downs due to the coronavirus pandemic.

Revenue for the quarter rose 13% to RUB1.876 trillion.

The company said the main impact of the pandemic on its financial performance was due to volatility in prices for crude oil and refined products as well as lower production volumes.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

May 26, 2021 07:37 ET (11:37 GMT)

PJSC Lukoil (CE) (USOTC:LUKOY)
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