Novatek records increase in quarterly net profit

Novatek records increase in quarterly net profit

/ Financial News / Wednesday, 31 October 2018 12:44

Second Russian gas group, the private Novatek, announced a net profit and a turnover up in the third quarter year-on-year, pulled up by the start of the project Yamal.

According to Novatek, the net profit of the group increased by 21.7% to 45.9 billion rubles (616 million euros at the current rate), after having suffered the “significant impact” of the evolution of exchange rates.

Excluding the effect of foreign exchange differences, as well as the one-time effect from the disposal of interests in joint ventures, normalized profit attributable to shareholders of PAO NOVATEK totaled RR 65.5 billion (RR 21.75 per share) in the third quarter of 2018 and RR 166.7 billion (RR 55.31 per share) in the nine months of 2018, representing increases of 87.7% and 47.5%, respectively, as compared to the corresponding periods in 2017.

In addition, revenues jumped 67.8% to 219.4 billion rubles (2.9 billion euros).

The increases in the total revenues and normalized EBITDA were largely due to the production launches of the first and the second LNG trains at Yamal LNG at the end of 2017 and in July 2018, respectively, as well as a favorable macro-economic environment with increases in average realized liquids and natural gas prices.

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