Lukoil posts GAAP net loss of $1 bln for Q4, analysts expected profit
Russian oil giant Lukoil posted net profit under US GAAP of $4.75 billion for 2014 as a whole, down from profit of $7.8 billion the year before, the company said in a report.
Counting net profit of $5.742 billion for January-September 2014, Lukoil had net loss of around $1 billion for the fourth quarter of 2014.
Earnings before taxes, depreciation, and amortization (EBITDA) was $15.982 billion for the year, while sales revenue was $144.167 billion, up 1.9% from 2013. The depreciation of the ruble had a significant effect on the ruble-denominated portion of revenues.
Noncash losses from a drop in the value of assets in Russia, Ukraine, Western Africa and Kazakhstan had a negative effect of $2.341 billion on 2014 net profit. "Excluding noncash losses, net profit was $7.087 billion and EBITDA was $18.426 billion," a press release says.
Free cash flow was $925 million for 2014, while capex was $15.4 billion.