Itera Oil and Gas Co. reduces RAS net profit by 22% in 9 mths
MOSCOW. Nov 3 (Interfax) - Itera Oil and Gas Company reduced its net profit according to Russian accounting standards (RAS) decreased by 22.3% year-on-year to 4.054 billion rubles in January-September 2011, the company said in its materials.
Itera's sales revenue went up by 48.5% to 41.9 billion rubles. The increase in revenue was driven by the Federal Tariff Service's increase in tariffs for natural gas, as well as growth in total gas sales. The company supplied consumers 15.4 bcm of gas to consumers, of which 9.4 bcm was the company's own production. Total gas sales increased by 13% year-on-year.
Itera's production costs went up by 90% to 15.286 billion rubles, gross profit - almost by 33% to 26.58 billion rubles, profit from sales - 3% to 7.03 billion rubles (because of a 50% increase in commercial expenditures) and pretax profit - down 21.2% to 5.116 billion rubles.