Russia’s Lukoil says 9-month net profit more than doubles

Lukoil LKOH.MM, Russia’s second-largest oil producer, saw its January-September net profit more than double to 647.9 billion roubles ($10.51 billion), it reported on Monday under Russian accounting standards.

Sales rose by 1.5 times to 2.335 trillion roubles.

Russian accounting standards typically do not take into account financial results of subsidiaries.

Numerous Russian companies chose to withhold reporting their financials under international standards following Western sanctions imposed on Moscow after it sent troops into Ukraine in February.
Source: Reuters (Reporting by Vladimir Soldatkin and Olesya Astakhova; editing by Jason Neely)