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Novatek Q1 net profit soars 70% to 18.9 bln rbls

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Russia's largest independent gas producer Novatek saw first quarter IFRS net profits jump 69 percent to 18.853 billion rubles ($656.89 million) in the first quarter of 2011 compared to the same period last year, the firm said on Friday.

Russia's largest independent gas producer Novatek saw first quarter IFRS net profits jump 69 percent to 18.853 billion rubles ($656.89 million) in the first quarter of 2011 compared to the same period last year, the firm said on Friday.

"We have recorded an increase of 68.6 percent in profit attributable to Novatek shareholders, which amounted to 18.853 million rubles or 6.22 rubles per share, as compared to the corresponding period in 2010. That was primarily due to higher oil and gas sales, cost cuts resulting from the completion of infrastructure projects and foreign exchange gains," the company said in a statement.

Revenue rose 61.7 percent to 44.861 billion rubles, while operating expenses increased 47% to 23.421 billion rubles.

EBITDA rose 52.3 percent to 23.092 billion rubles.

Income from financial operations skyrocketed 347 percent to 2.738 billion rubles, while profit before income tax soared 70 percent to 23.716 billion rubles.

MOSCOW, May 13 (RIA Novosti)

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