Novatek raises Q3 net profit 16.8 pct to $275.3 mln

Russia’s largest independent gas producer Novatek saw third quarter 2011 net profit fall 16.8 percent year-on-year to 8.41 billion rubles ($275.3 million) to IFRS, the firm said in a statement on Friday.

Revenue in the quarter rose 35.8 percent to 39.98 billion rubles due to sales and price growth. The company’s liabilities grew 29 percent to 151.443 billion rubles.

Earnings per share dropped to 2.77 rubles in the third quarter of this year from 3.33 rubles in the same period in 2010.

Gas sales grew 51 percent in July-September 2011, while sales of liquid hydrocarbons fell 4.1 percent.


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