Novatek’s Q3 profit climbs

Russian LNG export project developer, Novatek reported a 3.4 percent increase in its profit in the third-quarter of this year as compared to the same period the year before.

Profit attributable to Novatek shareholders increased to 37.7 billion roubles ($654.8 million), the company said on Wednesday.

Revenues rose 3.3 percent to 130.7 billion roubles ($2.27 billion) in the quarter under review.

Its third-quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) of subsidiaries rose by 2.9 percent to 45.1 billion roubles.

In the January-September period, Novatek’s profit plunged 43.5 percent to 112 billion roubles.

Novatek noted in its statement that the company’s profit last year was impacted by the sale of a 9.9 percent equity stake in Yamal LNG to the Silk Road Fund of China, as well as by the foreign exchange differences.

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Posted on October 25, 2017 with tags .

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