Novatek in first half-year increased its net profit under IFRS by 1.8 times - up to 33.3 billion rubles, Novatek
Release Date: 2011-08-12
Net profit of Russia's largest independent gas producer OAO "Novatek" (NVTK) in the first half of 2011 under IFRS grew 1.8 times compared to the same period last year - up to 33.274 billion rubles, the company stated.
Revenues in the first half increased by 59.9% - to 85.437 billion rubles.
Experts expect Novatek's net profit to grow in the first half up to 33.437 billion rubles and revenue to be 84.922 billion rubles.
The second-quarter net income rose twice the amount - up to 14.421 billion rubles, revenues - 57.8% - to 40.576 billion rubles.
According to the company revenue's growth is mainly due to an increase in sales of gas and liquids production and higher prices.
Sales of oil and gas in the first half increased by 63% - to 85.294 billion rubles in the second quarter grew by 61.7% - to 40.501 billion rubles.
Novatek's operating profit in the first half rose by 69.2% - to 39.576 billion rubles in the second quarter - by 80.4% to 18.072 billion rubles. The increase in operating profit was primarily due to higher revenues and control operating costs.
Earnings per share for the second quarter amounted to 4.75 rubles in the first half - 10.97 rubles.
Profit before tax in the first half Novatek increased by 1.8 times - up to 41.87 billion rubles in the second quarter - to 2.03-fold, to 18.154 billion rubles.
Operating expenses in the first half rose by 44.8% - to 45.86 billion rubles in the second quarter - by 42.8% to 22.439 billion rubles.
Gas production company in the first half rose by 39.5% - to 25.319 billion cubic meters, in the second quarter - by 44.9% to 12.009 billion cubic meters.
Liquids production in the first half increased by 18% - to 2.06 million tons in the second quarter - by 17.9% to 1.036 million tonnes.
Gas sales in January-June increased by 43% - to 25.822 billion cubic meters, in the second quarter - by 49.6% to 11.83 billion cubic meters.Growth in sales was primarily due to increased production, as well as increased consumer demand for natural gas on the domestic market.
During the second quarter 2011 sales of liquid hydrocarbons increased by 25.1% in the first half of 2011 - by 34.9% compared to the same periods in 2010 primarily due to organic growth in production. As of June 30, 2011 274 thousand tons of stable gas condensate was accounted for as "goods in transit" and "remnants of the finished product" in the stock, compared with 332 thousand tons as of June 30, 2010.
Long-term liabilities rose in the first half by 53% - to 91.98 billion rubles, including long-term loans which grew by 64.9% - to 77.6 billion rubles, current liabilities decreased by 2.6 times - up to 22.979 billion rubles .
Novatek is the second largest producer of natural gas in Russia, the company was founded in 1994. Engaged in the exploration, extraction and processing of gas and liquid hydrocarbons. Fields and license areas are located in the Yamalo-Nenets Autonomous District, the world's largest region for natural gas production, which accounts for more than 90% Russian and 20% of world production. On it informs RIA "Novosti".
| Type: | NORMAL |
| Company: | Novatek |
| Country: | Russian Federation |
| Url: | http://www.oilcapital.ru/news/2011/08/121751_170700.shtml |