Russian independent natural gas producer Novatek said Wednesday its net profit attributable to shareholders, calculated in line with the International Financial Reporting Standards (IFRS), in January-September had increased nearly sevenfold to 820.9 billion rubles ($12.9bln) year on year
MOSCOW (Pakistan Point News / Sputnik - 30th October, 2019) Russian independent natural gas producer Novatek said Wednesday its net profit attributable to shareholders, calculated in line with the International Financial Reporting Standards (IFRS), in January-September had increased nearly sevenfold to 820.9 billion rubles ($12.9bln) year on year.
"Profit attributable to shareholders of PAO NOVATEK increased to RR 370.0 billion (RR 122.86 per share), or eight-fold, in the third quarter of 2019 and to RR 820.9 billion (RR 272.59 per share), or nearly seven-fold, in the nine months of 2019 as compared to the corresponding periods in 2018," the company said.
"Our profit was significantly impacted by the recognition of a net gain on disposal of a 10% and a 30% participation interests in Arctic LNG 2 project in March and July 2019, respectively, taken together amounting to RR 675.0 billion. In addition, our profit was impacted by the recognition of non-cash foreign exchange effects on foreign Currency denominated loans of the Group and its joint ventures in both reporting periods," it said.
