Reduction in Lukoil’s profit in Q1 is tied with one-time loss from sale of assets in Kazakhstan and allowances of assets in North Africa
Edited by Rhod Mackenzie / 2014-05-29 03:48:23
In the first quarter, a one-time loss in the amount of $358 million from the deal on sale of a stake in Caspian Investment Resources Ltd, as well as a loss in the amount of $162 million from the write-off of exploration assets in North Africa had a negative impact on the Lukoil’s net profit under US GAAP, the company reported.
As the ITAR-TASS reported previously, Caspian Investment Resources, the company’s asset in Kazakhstan, was sold to China's Sinopec for $1.2 billion in the first quarter of this year.
In the first quarter of 2014, the Lukoil’s net profit under US GAAP declined by 33% as compared to the same period of the previous year to $1.733 billion.
