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Russia's Lukoil posts higher quarterly profit

Russian oil and gas company PJSC LUKOIL reported that its fourth-quarter 2017 profit attributable to shareholders rose 23.8% to 120.5 billion Russian rubles from 97.3 billion rubles in the prior quarter.

Fourth-quarter sales grew 12.1% to 1.663 trillion rubles from 1.484 trillion rubles in the prior three months on the back of higher hydrocarbon prices and trading volumes.

For full year 2017, profit more than doubled to 418.8 billion rubles from 206.8 billion rubles in the year-ago period.

Lukoil said its profit was affected by noncash foreign exchange differences, impairments and impairment reversal effects and gains from the sale of JSC Arkhangelskgeoldobycha. Excluding these items, profit for the 12 months that ended December 2017 increased 31.5% year over year to 399.4 billion rubles.

For 2017, sales were up 13.6% to 5.937 trillion rubles from 5.227 trillion rubles in 2016.

As of March 21, US$1 was equivalent to 57.30 Russian rubles.