May 29, 2019 / 1:21 PM / 2 months ago

UPDATE 1-Russia's Lukoil says Q1 net profit up 37% y/y, helped by weaker rouble

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MOSCOW, May 29 (Reuters) - Russia’s No.2 oil producer Lukoil posted a 37 percent rise in first quarter profit to 149.2 billion roubles ($2.3 billion), as a weaker rouble and higher foreign gas output offset cheaper oil prices and weak refining margins.

Lukoil’s shares were up 1.95 percent at 1311 GMT, outperforming the broader Moscow market which was 0.85 higher.

Lukoil’s earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 298.1 billion roubles from 219.5 billion roubles in the first quarter of 2018, it said on Wednesday.

The company, controlled by president Vagit Alekperov and his deputy Leonid Fedun, said its daily hydrocarbon output rose by 3.8 percent year-on-year thanks to a rise in overseas natural gas production.

$1 = 65.2000 roubles Reporting by Vladimir Soldatkin, Olesya Astakhova and Andrey Ostroukh; writing by Tom Balmforth; editing by Susan Fenton and Kirsten Donovan

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