Itera RAS net profits up 19% at 4.8 bln rubles in 9M
MOSCOW. Nov 15 (Interfax) - Major independent gas producer and seller Itera made 4.8 billion rubles in net profits to Russian Accounting Standards (RAS) in January-September, a 19% year-on-year increase, the company reported.
Company sales revenues were down 1% at 41.5 billion rubles, though cost of sales was up 3% at 15.8 billion rubles, driving a 3% drop in gross profits to 25.7 billion rubles.
Sales profits were down 18% at 5.8 billion rubles.
However, the company substantially grew its "other income" - from 15.8 billion rubles to 24.2 billion rubles with lesser growth of "other expenses" - from 17.3 billion rubles to 23.4 billion rubles. This allowed the company to show pretax profit growth of 19% to 4.8 billion rubles.
This past August, oil major Rosneft wrapped up the acquisition of 51% of Itera - giving the company its LLC Kynsko-Chaselckoye Neftegaz and paying Itera shareholders 5 billion rubles.