NOVATEK turns 18.9 bln rubles in Q1 IFRS net profits, up 69%
MOSCOW. May 13 (Interfax) - Net profits at independent gas producer NOVATEK increased 68.6% year-on-year to 18.85 billion rubles as calculated to International Financial Reporting Standards (IFRS) for the first quarter of this year.
That was significantly higher than a consensus forecast compiled among investment banks and company analysts by Interfax had predicted. Investment company Otkrytie came closest, predicting 18.8 billion rubles in net profits.
NOVATEK reported that combined sales revenues for the quarter were up 61.7% at 44.86 billion rubles "as a result of higher prices and increased sales of natural gas, stable gas condensate, and liquefied hydrocarbon gases."
EBITDA was up 52.3% - to 23.1 billion rubles from 15.2 billion rubles. EBITDA adjusted to exclude the effect of asset sales was up 70.1% - to 23.1 billion rubles from 13.6 billion rubles.
NOVATEK said that net profit was up "mainly due to increased revenue from the sale of oil and gas, the optimization of spending as a result of the completion of the construction of infrastructural facilities, and additional profit from exchange-rate differences."
