LUKoil posts preliminary 2002 financial results

According to preliminary data, LUKoil's 2002 GAAP net consolidated profit (without lump-sum costs) amounted to $1.985bn, down 5.9 percent from $2.109bn in 2001. The pretax profit slid 7.2 percent to $2.582bn in 2002. A source in the company claimed this decline had been due to changes in tax legislation as well as to raised transport tariffs.

Over the past year, LUKoil's volume of trade including excise duties and export tariffs surged 14.2 percent and came to $15.334bn. The revenues from sales of crude oil dropped by 2.8 percent (i.e. $138m), while revenues from sales of refined oil grew 25 percent (i.e. $1.823bn). The source in the company stressed that in 2002 LUKoil had managed to cut operating, commercial and administrative expenses.

Final data on LUKoil's 2002 financial results will be released after the general meeting of the company's shareholders to be held on June 27, 2003.

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