By Adria Calatayud

Lukoil PJSC (LKOH.MZ) said Tuesday that net profit for the third quarter of 2019 rose 3.6%, as lower costs helped offset a sales hit from lower oil prices.

The Russian oil company said it made a net profit of 190.39 billion Russian rubles ($2.98 billion) for the quarter to Sept. 30 compared with RUB183.77 billion for the year-earlier period.

Revenue for the quarter fell to RUB1.952 trillion from RUB2.306 trillion a year before, Lukoil said.

The company said a seasonal increase in refined products sales volumes in Russia helped soften the sales blow from lower oil prices and decreasing trading volumes.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

November 26, 2019 04:28 ET (09:28 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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