LUKoil posts Q2 financial results

According to LUKoil's financial report made in accordance with US GAAP, the company's net income amounted to $597m in the second quarter of 2002, compared to $753m in the corresponding period of last year. LUKoil's net income in the first quarter of 2002 was $840m, compared to $1.433bn in the period from January to March 2001.

Sales revenues, including excise and export tariffs, were $3.794bn in the second quarter of 2002, compared to $3.483bn in the second quarter of 2001. They were $6.641bn in the first half of 2002, and $6.818bn in the corresponding period of last year.

Costs and other deductions, including operating expenses, selling, general and administrative expenses, depreciation, depletion, amortization, taxes (other than income taxes), excise and export tariffs, exploration expenses and loss on disposal and impairment of assets amounted to $3.018bn in the second quarter of 2002, compared to $2.407bn in the corresponding period of last year; $5.514bn in the first six months of 2002, and $4.882bn in the first half of 2001.

Income from operating activities amounted to $791m in the reported period, compared to $1.111bn in the second quarter of 2001; $1.162bn in the first half of 2002, and $2.002bn in the first six months of 2001. Income before income taxes was $810m in the second quarter of 2002, compared to $999m in the corresponding period of last year; $1.127bn in the first half of 2002, and $1.899bn in the first half of 2001.

Basic earnings per common share were $0.73 in the second quarter of 2002, compared to $0.82 in the second quarter of 2001; $1.04 in the first six months of 2002, and $1.77 in the corresponding period of last year.

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