Russia's largest private oil firm Lukoil said Friday its profits had fallen 58 percent year-on-year in the second quarter.
The company reported its net income was $1 billion between April and June, compared to $2.4 billion in the same period last year.
This figure was lower than experts had predicted, with Interfax news agency quoting analysts forecasting profits of $1.3 billion.
Lukoil said in a statement that its financial results had been affected by "a sharp decrease in hydrocarbon prices," as well as a "non-cash write-off" of $324 million.
The slide in oil prices and Western sanctions over Moscow's role in the Ukraine crisis have pummelled the Russian economy in recent months, leading the ruble to collapse.
Russia's recession deepened in the second quarter as gross domestic product contracted by 4.6 percent compared with the same period last year.
Lukoil's sales were also down more than 26 percent year-on-year, dropping to $28.1 billion.
Name (required) *
E-mail (required, but will not be published) *
Notify me of follow-up comments
Ben Stokes gave England a firm grip on the first Test with bat and ball before Shakib Al Hasan's 5-79 revived Bangladesh…
The facade of the world's tallest building, the Burj Khalifa in the Gulf emirate of Dubai, was lit up in pink Thursday…
The London Fashion Week (LFW) is one of the most sought out shows of the year. LFW is an annual fashion event…
Powered and Developed by FilmMatters
Copyright © 2016 Arabtoday