Novatek rakes in profits
Wire services
Russian gas player Novatek reported a 33% rise in full-year profit for 2007
of 18.74 billion roubles ($802.2 million) under the International Financial
Reporting Standards, but the results fell short of analysts' expectations.
Analysts polled by Reuters had expected a profit of $762 million and sales of
$2.48 billion in the year, which would translate into 19.48 billion roubles
and 63.41 billion, respectively, if calculated at the average 2007 rouble
rate per dollar of 25.57 which is what analysts used.
Total revenue rose 26.8% to 62.32 billion roubles.
"The increase in total revenues from our primary business operations was
attributable to the favourable pricing environment for both domestic and
international hydrocarbon sales," Reuters quoted the company saying in
a statement.
Novatek’s earnings before interest, taxation, depreciation and amortisation
was 29.28 billion roubles versus 23.13 billion in 2006.
Novatek, in which Russian gas export monopoly Gazprom holds a 19.4% stake,
said its board has recommended to shareholders to approve dividend payments
of 2.35 per ordinary share for 2007, up by 42% from 2006.
21 April 2008 16:11 GMT
| last updated:
22 April 2008 06:43 GMT
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