Novatek Boosts 9M Net Profit 22.9%

MOSCOW, November 9 (RIA Novosti) – Independent Russian gas producer Novatek boosted its net profit 22.9 percent year-on-year to 50.911 billion rubles in January-September under IFRS, the company said in a statement.

Revenue rose 21.3 percent to 152.249 billion rubles in the nine month period.

Earnings in the third quarter increased 140 percent year-on-year to 20.003 billion rubles, “partially attributable to non-cash foreign exchange gain in the third quarter and nine months 2012 as compared with non-cash losses in the same periods of 2011,” the statement said.

Revenue from sales was up 31.7 percent to 52.562 billion rubles, on higher prices and increased volumes of natural gas and liquid hydrocarbons.

Novatek posted a net profit of 56.707 billion rubles in 2011 under IFRS, an increase of 44.6 percent over 2010. Revenue rose 50.45 percent to 176.064 billion rubles.

Novatek, Russia’s second biggest gas producer after Gazprom, produced 37.112 billion cubic meters in the first nine months of the year, 7 percent more than in the same period last year.


Leave a comment