Novatek posts 3Q 2010 net profit of 10.1 billion roubles

Novatek, Russia’s largest independent gas producer, has posted a 3Q 2010 net profit of 10.1 billion roubles under IFRS.

­The net result attributable to Novatek shareholders was up 37.4% year on year from 7.3 billion roubles in 3Q 2009, with 3Q EBITDA rising 39.2% year on year to 13.9 billion roubles, on the back of a 34% year on year increase in total revenues to 29.4 billion roubles.

The 3Q results gave Novatek a 9M 2010 net profit of 28.4 billion roubles, up from 16.6 billion a year earlier, from 9M total revenues of 82.88 billion roubles, up from 62.1 billion a year earlier.

Novatek said revenues were up due to both  higher prices and sales volumes of natural gas, LPG and stable gas condensate, with natural gas sales volumes increasing 4.6% and liquids sales volumes rising 37.6%. This came as a result of the Company’s increased production, mainly at Yurkharovskoye field, where the second stage of the field’s second phase development was launched in October 2009.