Bloomberg News

Lukoil Jumps to Two-Week High as First-Quarter Profit Rises

May 28, 2012

OAO Lukoil, Russia’s second-largest oil company, jumped to the highest level in almost two weeks after first-quarter profit rose.

Lukoil gained 2 percent to 1,669.30 rubles by the close in Moscow, the highest price since May 15.

Net income grew 7.7 percent to $3.79 billion from $3.52 billion a year earlier, the Moscow based company said today in a regulatory filing. That beat the $3.10 billion average estimate of 12 analysts surveyed by Bloomberg News. Revenue rose 19 percent to $35.3 billion, while international sales climbed 21 percent to $29.3 billion, according to the statement. Crude oil prices advanced 4.2 percent in the first three months.

“Lukoil did a nice job boosting earnings on international exports,” Alexei Kokin, an analyst at UralSib Capital, said by phone.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net; Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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