Novatek 3Q Net Profit Rose Significantly
October 27 2021 - 7:55AM
Dow Jones News
By Anthony O. Goriainoff
Novatek said Wednesday that net profit for the third-quarter
rose significantly and that its operating results remain strong as
it implements investment projects despite the uncertainty stemming
from the pandemic.
The London and Moscow-listed Russian energy company said that
net profit was 112.91 billion Russian rubles ($1.62 billion)
compared with RUB13.17 billion for the third quarter of 2020. The
company said this was mostly due to improved macroeconomic
conditions resulting in an increase in the sale price of its
hydrocarbons, as well as the launch of new production facilities in
2020.
Pretax profit for the period was RUB130.53 billion compared with
RUB40.24 billion in the year-prior period.
Revenue rose to RUB276.71 billion from RUB163.77 billion the
year before. The company said this was mostly due to the rise in
global commodity prices for hydrocarbons.
"The group's management continues to assess the current
situation and present macroeconomic environment and takes
appropriate actions if deemed necessary," the company said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
October 27, 2021 07:40 ET (11:40 GMT)
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