Russian gas company Itera's RAS net profit up 49% y-o-y in 9M06

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MOSCOW, October 31 (RIA Novosti) - Itera's net profit according to Russian Accounting Standards increased 49% in the first nine months of 2006 year-on-year, to 1.112 billion rubles ($41.57 million), Russia's No. 1 independent natural gas producer said Tuesday.

Net profit in the third quarter slid to 152.5 million rubles ($5.7 million), 274.66 million rubles ($10.27 million) down on the previous quarter, company said.

Itera attributed the lower figure to a seasonal drop in sales revenues, as well as high transportation costs and loan servicing spending.

In July through September, Itera's assets grew by 36.39% on the second quarter, and 74.37% from the start of the year.

Itera exports gas to the CIS and the Baltic States, and is developing gas production in the Yamalo-Nenets Autonomous Region in West Siberia.

The company, whose charter capital is 60 million rubles ($2.23 million), plans an initial public offering for 2007.

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