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Novatek Q2 net profit doubles to 14.4 bln rbls

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Novatek, Russia's largest independent gas producer saw second quarter 2011 profits grow to 14.421 billion rubles ($492 million) to IFRS, the company said on Friday.

Novatek, Russia's largest independent gas producer saw second quarter 2011 profits grow to 14.421 billion rubles ($492 million) to IFRS, the company said on Friday.

Revenues soared 57.8 percent to 40.576 billion rubles due to sales and price growth. Revenue from oil and gas sales increased 61.7 percent to 40.501 billion rubles.

Pre-tax profit amounted to 18.154 billion rubles in April-June 2011, up 103 percent year-on-year. Operating expenses grew 42.8 percent to 22.439 billion rubles, the company said.

Novatek's gas output rose 44.9 percent to 12.009 billion cubic meters, while liquid hydrocarbons production grew 17.9 percent to 1.036 million tons.

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