LUKoil's RAS-based net profit drops fourfold

LUKoil, a major Russian oil company, says it saw its net profit under Russian accounting standards dwindle almost fourfold to RUR7.67bn (approx. USD298.6m) in the first quarter of 2007 compared with the same period in 2006, RBC reports. However, it almost doubled against the net profit in the fourth quarter of 2006, pushed up by stronger oil sales and lower oil export duties, which together led to a higher gross profit. However, since the start of the first quarter of 2007 oil exports have been the responsibility of the group's refineries, which has lowered the net profit of the parent company. Furthermore, the company registered a rise in its sundry expenses in the first quarter of 2007 compared with the fourth quarter of 2006.