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Russia's Novatek posts 48% net profit growth in Jan.-Sep.

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MOSCOW, November 10 (RIA Novosti) - Novatek [RTS: NVTK] said on Monday its net profit calculated to International Financial Reporting Standards grew 47.9% year on year in January-September to 20.23 billion rubles ($753 million).

Russia's largest independent natural gas producer said its revenues in the reporting period grew 37.8% to 62.7 billion rubles ($2.3 billion).

The company said in a news release that its profit from oil and natural gas sales in the reporting period grew 36% year on year, reaching 60 billion rubles ($2.2 billion).

In January-September, Novatek increased natural gas output year on year by 9.2% to 22.83 billion cubic meters.

Established in 1994, Novatek's operations include the prospecting, production and refining of gas and liquid hydrocarbons. Its gas fields are located in the Yamal-Nenets autonomous area in Western Siberia, which has the world's largest natural gas reserves. The region accounts for over 90% of Russian natural gas output and around 20% of global gas production.

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