MOSCOW, May 2 (RIA Novosti) - LUKoil (RTS: LKOH) posted Tuesday a net profit of 29.425 billion rubles ($1 billion) in the first quarter of 2006 against a net loss of 3.45 billion rubles ($126.5 million) in the fourth quarter of last year.
Russia's no.1 crude producer said in a news release that the increase was due to "higher prices on the world oil markets and lower than average export duties."
LUKoil's asset value rose 10.65% to 399.243 billion rubles ($14.6 billion) against 360.81 billion rubles ($13.2 billion) at the end of the fourth quarter of last year.
The company, which is 17% owned by U.S. giant ConocoPhillips, explained the figure by growing receivables.
LUKoil has a charter capital of 21.26 million rubles ($779.5), with all Ordinary shares worth 0.025 rubles at par value.
