Russia's largest private oil firm, Lukoil, yesterday said its profits plunged 56 per cent in the first half amid plummeting crude prices.
Net profits fell to US$3.2 billion (Bt109 billion)from $7.29 billion in the first half of 2008, the Moscow-based firm said in a statement. Sales fell 39 per cent to $34.9 billion.
For the second quarter alone, Lukoil reported profits down 44 per cent at $2.32 billion, with sale tumbling 37 per cent to $20.1 billion.
Lukoil, Russia's second-largest oil producer, has been hard hit by the dive in oil proces, which are now hovering around $70 per barrel compared to record highs above $147 last year.
Analysts polled by Dow Jones Newswires had forcast a $1.76-billion net profit for the second quarter.
"Measures to increase the effectiveness of our activity put in place at the start of the year have allowed us to successfully overcome the difficult macroeconomic situation and preserve a positive cash-flow," Lukoil said.
Lukoil is 20-per-cent owned by US oil giant ConocoPhillips.
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