MOSCOW, April 10 (RIA Novosti) - Russia's largest independent crude producer LUKoil [RTS: LKOH] said on Thursday its U.S. GAAP net consolidated income increased 27.1% year-on-year in 2007 to $9.51 billion.
"The increase in net income was due to favorable market conditions, the high refinery margin, an increase in refinery throughput and hydrocarbon production as well as due to effective cost control," LUKoil said.
At the same time, net income growth was held back by the appreciation of the ruble against the dollar, the increase in transportation tariffs and the higher tax burden, LUKoil said.
Sales grew 20.8% year-on-year to $82.24 billion and earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 25.1% in the reporting period to $15.388 billion.
