Interfax reported that Lukoil saw revenue in January to September 2009 decline by 26.7%YoY to RUB 416.346 billion under Russian accounting standards. Revenue declined on lower prices and a 10.7% reduction in volumes.

Revenue in the Q3 fell 11.6%QoQ compared with the Q2 to RUB 138.9 billion due to roughly a 1 million tonne decline in oil sales and the rapidly rising export duty on crude oil which directly impacts sales revenue under RAS. Costs declined 29% to RUB 333.145 billion in the nine months. The sales profit fell about 40% to RUB 35.259 billion and the pretax profit was down about 45% to RUB 46.367 billion.

It was reported earlier that Lukoil net profit in the nine months declined almost 40% to RUB 39.256 billion.

Lukoil cited lower prices, sales volumes and rising transportation expenses for the lower profit. Net profit in the Q3 totaled RUB 1.76 billion a decline of 92.5% or RUB 21.52 billion from the Q2 mainly due to a RUB 12.3 billion reduction in income from participation in other organizations, a RUB 7.4-billion decline in gross profit and a RUB 1.2 billion increase in interest expense, mainly on company obligations.

The profit margin declined to 8.5% in the nine months compared with 9.8%YoY in the same period last year.

(Sourced from Interfax)