Russia’s largest independent gas producer Novatek saw its 2012 first quarter net profit grow 13.2 percent year-on-year to 21.245 billion rubles ($704 million) to IFRS, the company said in a statement late on Friday.
Novatek’s net profit was above a consensus forecast of analysts polled by RIA Novosti who expected the gas producer’s net financial result at 20.2 billion rubles.
The company’s revenue rose 21.1 percent in January-March 2012 to 54.373 billion rubles due to “an increase in natural gas sales volumes and average prices as a result of significantly expanding the share of natural gas sold to end-customers.”
Novatek’s Earnings Before Interest, Taxation, Depreciation, Amortization (EBITDA) went up 5.2 percent in the first three months of 2012 to 24.217 billion rubles.
The company’s natural gas production increased 9.3 percent to 13.045 billion cubic meters, while gas sales in the first quarter of this year amounted to 16.05 billion cu m, a 14.7-percent growth compared with the same period in 2011.