Lukoil’s main financial results are down

​Lukoil has reported on the results of Q1 2016 having shown a significant reduction of its financial results under IAS.

The net profit of Lukoil fell by twice to 42.8 bln roubles. In conformity with the consensus forecast of investment companies and banks made by Interfax, analysts expected the profit of the company at 50 bln roubles.

The company’s revenue in Q1 2016 turned out to be lower by almost 20% against Q1 2015 and made up 1.17 trln rubles. EBITDA of Lukoil in Q1 fell by 32.1% to 145 bln roubles. The mid-term forecast of EBITDA was expected at 162 bln roubles in Q1.

Among the factors that influenced on the fall of financial results of Lukoil analysts named not only the oil price fall and MET rise but also the fall of Iraq’s contribution into the financial results of Lukoil on the background of reduction of expenditure return at the Western Qurna-2.