Itera boosts margins in Q2 by increasing supply of own gas
MOSCOW. Aug 16 (Interfax) - Itera increased 8% to 1.604 billion rubles in the second quarter of 2011 under Russian accounting standards (RAS) following a 30% profit decline in the first quarter, the company said in its earnings report.
Net profit for the first half declined 18% to 3.767 billion rubles.
Itera sells its own gas and purchased gas to consumers. It sold 3.4 bcm of its own gas in the first quarter and 3.2 bcm in the second, thanks to Itera's 49% stakes in Purgaz and Sibneftegaz. It purchased another 2.9 bcm from outside suppliers in the first quarter and 1.7 bcm in the second.
Gross profit in the first quarter rose 21.8% year-on-year to 10.2 billion rubles and was up 59% to 8.6 billion rubles in the second.
First half revenue was up 49.6% to 29.706 billion rubles due to the Federal Tariff Service's gas rate hike and higher volumes. Costs increased 80% to 10.9 billion rubles. Gross profit was up 36.5% to 18.8 billion rubles. Other expenses increased 150% to 6.9 billion rubles.
RTS$#&: ITER