MOSCOW, March 1 (Reuters) - Russia’s second-largest crude producer LUKOIL said on Thursday its 2011 net income rose 15 percent to $10.4 billion on the back of high oil prices, but the result came in below analyst forecasts.
Analysts polled by Reuters expected LUKOIL’s full-year net income to be $11.77 billion.
Revenues increased 27 percent to $133.7 billion, compared to expectations of $132.8 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 16 percent to $18.6 billion against $19.64 billion seen in the poll.
LUKOIL said the bottom line was hit by a $955 million loss connected to downward revision of its new South Khylchuyu oilfield reserves. (Reporting by Vladimir Soldatkin; Editing by John Bowker)