Novatek posts 1Q 2011 net profit of 18.8 billion roubles

Russian gas producer, Novatek, has posted a 1Q 2011 net profit of 18.8 billion roubles under IFRS.

The net result is up from the 11.076 billion rouble net profit posted for 1Q 2010, as 1Q EBITDA climbed 52.3% year on year to 23.092 billion roubles, and 1Q revenues rose 61.7% year on year to 44.861 billion roubles.The company said the results reflected increased sales against a backdrop of firmer prices with its efforts to contain costs continuing to bear results. It also noted increased production at the Yurkharovskoye field contributed to a 21% year on year  increase in production.