Novatek IFRS net profit drops 97% to 24 bln rbl in Jan–Sep

MOSCOW, Oct 28 (PRIME) -- The net profit attributable to the shareholders of Russian independent gas producer Novatek dropped by 97% on the year to 24.056 billion rubles in January–September, as calculated under International Financial Reporting Standards (IFRS), the company said on Wednesday.

Revenue from oil and gas sales fell by 24% to 484.447 billion rubles, while normalized earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased by 21% to 265.821 billion rubles.

Normalized net profit dropped by 38% to 110.487 billion rubles.

“The group’s financial result in 2020 was significantly influenced by the unfavorable abovementioned macroeconomic situation, which led to a decrease in the sale prices of our hydrocarbons and the recognition of significant exchange rate differences,” Novatek said.

Capital expenditures increased by 29% to 142.3 billion rubles in January–September and rose by 9% to 39.8 billion rubles in July–September.

(76.4556 rubles – U.S. $1)

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