13 Nov 2009 17:20

NOVATEK ups Q3 IFRS profit 2.4% to 7.35 bln rubles, above forecast

MOSCOW. Nov 13 (Interfax) - NOVATEK increased net profit to International Financial Reporting Standards (IFRS) 2.4% in Q3 2009 compared with Q2 2009 to 7.533 billion rubles.

Profit grew 29.4% year-on-year in Q3.

Total revenues grew by 7.4% year-on-year in Q3 to 21.971 billion, primarily due to an increase in both natural gas prices and stable gas condensate and LPG sales volumes.

In the nine months ended September 30, 2009, total revenues decreased marginally to 62.1 billion as compared to the corresponding period in 2008, primarily due to significantly higher prices for liquids sales volumes in both international and domestic markets in the 2008 period, which were offset by higher natural gas prices and an increase in liquid sales volumes during the 2009 period.

Analysts from 13 investment banks and companies said in a consensus forecast that they thought NOVATEK might raise net profit 1.5% in Q3 2009 compared with Q2 2009 and 28.2% year-on-year to 7.285 billion rubles.

The analysts said sales revenue could fall 4% quarter-on-quarter and 8.6% year-on-year to 22.233 billion rubles, and EBITDA could grow 3.6% and 0.4%, respectively to 9.667 billion rubles.