Russia’s largest independent gas producer NOVATEK for the first 9 month of 2015 has reduced net profit under IFRS attributable to the shareholders up to 59,59 billion.
MOSCOW, 28 Oct. Russia’s largest independent gas producer NOVATEK in January-September 2015 year reduced net profit under IFRS attributable to shareholders, up 4.85 percent compared with the same period last year — up to 59,59 billion roubles, is spoken in the company report.
The profit figure for the first nine months was below the consensus forecast 78,809 billion.
“A significant negative impact on the dynamics of profit was rendered by the devaluation of the ruble against the dollar and Euro, which resulted in non-cash losses from exchange rate differences due to revaluation of foreign currency debt of NOVATEK and our joint ventures, primarily in the Yamal LNG. Taking into account the currency structure of cash flows of NOVATEK and joint ventures this revaluation has no negative impact on the profitability of our business,” says the company.
Revenue of NOVATEK in the reporting period amounted to 343,353 billion rubles (an increase of 31,16%). EBITDA (including share in EBITDA of joint ventures) in the first nine months totaled 157,898 billion rubles (increase by 29,36%) in the third quarter — 52,574 billion rubles (an increase of 35,65%). “Positive influence on EBITDA was rendered by the increase in the share of liquid hydrocarbons in our total sales volumes,” says the company.
The company explains that the revenue growth is mainly related to the increase in liquids sales prices and gas sales.
In the third quarter, NOVATEK reported net loss under IFRS in the amount 13,405 billion rubles against a profit of RUB 7,627 billion for the same period last year. Revenue was $ 117,367 billion rubles, which is 38,51% more than the same period last year.
