March 21, 2018 / 12:25 PM / a year ago

Russia's Lukoil beats forecasts as fourth-quarter net profit more than doubles

A bird flies past the logo of Russia's oil producer Lukoil at its petrol station in Moscow, Russia, June 6, 2016. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Fourth-quarter net income for Russia’s No.2 oil producer Lukoil rose to 120.5 billion rubles ($2.1 billion) from 47 billion rubles a year earlier thanks to higher oil prices and sales, Lukoil said on Wednesday.

Analysts polled by Reuters had expected Lukoil’s October - December net income to be 111 billion rubles.

Its shares were up 0.4 percent at 1055 GMT, underperforming the broader Moscow market, which climbed by 0.9 percent

Lukoil, controlled by its president Vagit Alekperov and his deputy Leonid Fedun, has been suffering from declining rates of oil production mainly due to depleted oilfields in West Siberia.

It said its hydrocarbon output fell 0.3 percent last year due to a global deal in which Russia agreed with OPEC to curb output, as well as lower volumes of “compensation crude oil” from the West Qurna-2 project in Iraq.

Revenues rose to 1.66 trillion rubles in the fourth quarter from 1.4 trillion rubles, while earnings before interest, taxes, depreciation and amortization (EBITDA) increased to 223.7 billion rubles from 183.3 billion rubles a year earlier.

The company holds a meeting with investors in London on Friday.

Reporting by Olesya Astakhova and Vladimir Soldatkin; Editing by Maria Kiselyova and Edmund Blair

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