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Lukoil's Q3 profit drops 20 pct to $2.2 billion.

MOSCOW, Dhu-AlHijjah 29, 1432, Nov 25, 2011, SPA -- Russia's second-largest oil producer Lukoil said its third-quarter profit dropped 20 percent because of higher taxes and a slump in the ruble.

The Moscow-based company said Friday that the $570 million decline to $2.2 billion had been caused by the depreciation of the Russian ruble. This includes $340 million it spent on tax on foreign currency translation gain, AP reported.

The decline in profit stands in contrast to a 26 percent hike in revenues between July and September, to $34.6 billion from $26.5 billion.

The Russian ruble, battered by turmoil on European markets, lost about 15 percent of its value against the U.S. dollar between June 30 and September 30 at the MICEX stock exchange.

-- SPA 14:29 LOCAL TIME 11:29 GMT

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Publication:Saudi Press Agency (SPA)
Article Type:Financial report
Date:Nov 25, 2011
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