By Jaime Llinares Taboada

 

Lukoil PJSC on Tuesday swung to a profit for the third quarter of the year as oil and gas prices recovered from second-quarter lows.

The Russian energy company made a net profit of 50.4 billion Russian rubles ($662 million) for the three months to Sept. 30, swinging from a RUB18.7 billion loss in the previous quarter.

Revenue increased 48% quarter-on-quarter, to RUB1.46 billion. "The growth was mainly attributable to higher hydrocarbon prices, higher production of refined products at the group's refineries, as well as higher trading and retail sales volumes," Lukoil said.

However, the year-to-date performance remains well below 2019, as the pandemic has weighed on hydrocarbon demand and prices. Lukoil has booked a loss of RUB14.3 billion for the nine months to September, compared with a RUB520.9 billion profit a year earlier.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

November 24, 2020 05:34 ET (10:34 GMT)

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