icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Novatek posts 11% profit increase for 3Q 2008

Novatek posts 11% profit increase for 3Q 2008
Russia’s largest independent gas producer, Novatek, has posted a profit net profit of $211 million under IFRS.

The bottom line result for the quarter was up 11% year on year, making for a 9M 2008 net result of $748.3 million, up 47% on the 2007 figure.  Revenues for the quarter came in at $756 million, up 35%, making for a 9 month figure of $2.31 Billion, up 37% year on year.

Company CEO, Leonid V. Mikhelson issued a statement saying the company was pleased with the results in the face of challenging market conditions, and noted that Novatek had significant amounts of product in transit to destination markets, which were delayed beyond the end of the quarter, due to Hurricane Ike in the Gulf of Mexico, and will be recorded as Revenue in the fourth quarter.