Lukoil 2013 profits down

Lukoil 2013 profits: Profits at Russia’s largest privately owned oil producer Lukoil fell by nearly 29% last year to $7.8bn, even as it boosted production. The company said that its fourth-quarter profit was affected by the $2.45bn non-cash losses it incurred due to write-offs against the South Khylchuyu oil field. Excluding this and other one-off losses, net profit was down by 6.6%. RIA Novosti