Russia's largest independent oil producer LUKoil [RTS: LKOH] said on Wednesday its U.S. GAAP net income climbed 140% year-on-year in the first quarter of 2008 to $3.16 billion, RIA Novosti reports.
LUKoil, which accounts for about 1.3% of global oil reserves and 2.1% of world crude output, attributed its net income growth to favorable market conditions, high refiner margin, and an increase in refinery throughput and effective cost control.
Revenues in the reporting period climbed 60% to $25 billion, pre-tax profit grew 130% to $4.18 billion and earnings before interest, taxes, depreciation and amortization (EBITDA) went up 99.3% to $4.85 billion, LUKoil said.
LUKoil earlier said its U.S. GAAP net consolidated income increased 27.1% year-on-year in 2007 to $9.51 billion.