By Oliver Griffin

Lukoil PJSC (LKOH.MZ) on Wednesday reported a 37% rise in first-quarter net profit, which the company said was "restrained" by higher depreciation, depletion and amortization, as well as the launch of new production facilities.

The Russian oil-and-gas company made a profit of 149.2 billion rubles ($2.31 billion) in the first quarter of 2019, up from RUB109.1 billion in the year-earlier period.

Compared with the fourth quarter of 2018, profit fell 6.2%, the company said, citing a fall in revenue on quarter as oil prices declined.

Revenue in the first quarter rose 14% to RUB1.85 trillion, the company said. It attributed the rise to the weaker ruble and higher volumes of oil and gas sales outside of Russia.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

May 29, 2019 08:07 ET (12:07 GMT)

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