9 Nov 2012 18:22

NOVATEK IFRS net profits soar 140% to 20 bln rubles in Q3

MOSCOW. Nov 9 (Interfax) - Independent gas producer NOVATEK earned 20 billion rubles in net profits to International Financial Reporting Standards (IFRS) for the third quarter of this 2012, a 2.4-fold increase year-on-year, the company reported.

The net-profit increase was in large part driven by a positive non-monetary effect of exchange rate variance in the third quarter and Q1-Q3 compared to the opposite for the same periods of 2011, the company said.

Company Q3 sales revenues were up 31.7% at 52.7 billion rubles. Operating profits rose 35.6% to 23.2.