LUKoil reports 2010 net profit
LUKoil, Russia's largest privately-owned oil company, posted a 28.5 % year-on-year increase in its 2010 net profit to $ 9 bn to US GAAP.
It announced that sales revenues in 2010 grew 29.4 % year-on-year to $ 104.9 bn.
The company's net profit was lower compared than analysts' expectations in a RIA Novosti poll, whose average net profit forecast amounted to $ 9.4 bn, while revenues exceeded analysts' expectations of $ 104.3 bn.
LUKoil's 2010 EBITDA rose 19.1 % to $ 16 bn, the oil giant said, attributing the increase primarily to higher prices for hydrocarbons in 2010.
Capital expenditure, including non-cash operations, increased 4.7 % to $ 6.8 bn in 2010.
The company's strict financial discipline helped generate record free cash flow, which hit $ 6.9 bn in 2010 compared to $ 2.3 bn in 2009.