By Anthony O. Goriainoff

Novatek said 2019 pretax profit and total revenue rose as natural gas and liquids sales increased.

The Russian energy company on Wednesday said that pretax profit for 2019 was 1 trillion rubles ($15.7 billion) compared with RUB228.53 billion in 2018.

Revenue for the period was RUB862.80 billion compared with RUB831.76 billion the year before.

Normalized net profit--which strips out any effects from disposals and foreign exchange gains--was RUB245 billion compared with RUB232.93 billion the previous year.

The company said total hydrocarbon production for the year rose 7.4% to 589.9 million barrels of oil equivalent.

It also said natural gas sales volumes rose 8.8% to 78.5 billion cubic meters while liquid hydrocarbons sales volumes totaled 16.4 million tons, a 3.4% rise on the year prior.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

February 19, 2020 06:52 ET (11:52 GMT)

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