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LUKOIL Q4 net loss $1.6 bln, misses forecast

MOSCOW - Russian oil producer LUKOIL reported on Tuesday a fourth quarter 2008 net loss of $1.6 billion on falling oil prices, a weaker Russian rouble and high export duty.

A Reuters poll of 12 analysts gave an average forecast of a $1.2 billion net loss.

“A slump in hydrocarbon prices in the fourth quarter of 2008 along with a loss resulting from the rouble devaluation, and high level of export duties rates in the beginning of the quarter led to a quarterly loss of $1.6 billion,” LUKOIL said.

LUKOIL issued a warning late last month that it would report $2 billion in foreign exchange losses and writedowns on assets and oil.

The company, which is Russia’s largest private oil firm, did not immediately provide separate revenue figures for the fourth quarter.

For the full year 2008 it reported revenue of $107.7 billion, roughly in line with forecasts, and a net profit of $9.1 billion. Revenue in 2007 was reported at $81.9 billion.

The company said free cash flow doubled in 2008 to $3.78 billion.